-331:-A
01 1.>-A/4?-:815@A:3
1:
#<1>-@5:35:?@>A/@5;:?
2>
";@5/1 0A@585?-@5;:
5@
?@>AF5;:5 <1> 8 A?;
:8
1.>A57?--:C56F5:3
01X:4-8@?B1>F15/4:5?
1: (-.81 ;2 /;:@1:@?
2>
(-.81 01 9-@5O>1?
5@
:05/1
:8
:4;A0?;<3-B1
01X:4-8@?B1>F15/4:5?
5:C15?1 FA> :@?;>3A:3 '5/41>415@?Y A:0 +->:45:C15?1 1>M@ -A2?@1881: 1>M@ -:?/4851K1: 1>M@ 71::1:81>:1: 1051:.81:01 &-A9@19<1>-@A> A:0 18W2@A:3 .1-/4@1: 1>M@ 15:?/4-8@1: (19<1>-@A> 15:?@1881: +->:@;: "A@F5:4-8@ 12>51>1: A:0 -31>: >5?/41 1.1:?95@@18 15:2>51>1: 1.1:?95@@18 15:312>51>1: 'A<1>Y12>51>1: A??@-@@A:3 01? 12>51>>-A9? 12>51>3A@ -A2@-A1: 1>M@ -A??/4-8@1: .@-A1: 1>M@ >15:531: 181A/4@A:3 :1>351 ?<->1: 1@>51.?31>MA?/41 815:1 '@U>A:31: ?18.?@ .141.1: A:01:051:?@ 5:C15?1 FA> :@?;>3A:3
'5/41>415@?Y A:0 +->:45:C15?1
x *1><-/7A:3 1:@?;>31:
1B;> '51 0-? 1>M@ 5: 1@>51. :1491:
95 -5B@13;E>7 C38fDJD 8B 5BWD F?B +B1>C@?BDC38W45>
<<5 59>75C5DJD5> $1D5B91<95> C9>4 E=G5<DF5BDBW7<938 E>4
G9545B F5BG5BD21B
9DD5 85<65> *95 =9D >DC?B75> *95 495
-5B@13;E>7 E=G5<D75B538D
#5C5> *95 52B1E38Cg E>4 $?>D1751><59DE>7
1E6=5B;C1= 4EB38
*95 5>D81<D5> G938D975 >6?B=1D9?>5> f25B E6CD5<<5>
52B1E38 E>4 .1BDE>7 45C 5BWD5C
5G18B5> *95 1<<5 ,>D5B<175> 6fB C@WD5B5> 52B1E38
?45B 6fB %13825C9DJ5B 1E6
S25B 1;DE5<<5 >DC?B7E>7CG575 9>6?B=95B5> *95 C938 29DD5
259 8B5= 1388W>4<5B ?45B 259 45B 5=59>45F5BG1<g
DE>7
x 8@31>M@ 1:@?;>31:
(1/4:5?/41 '5/41>415@
D
<D75BWD5 C9>4 ;59> G5BD<?C5B 261<<
EB38 E=G5<D75B538D5 >DC?B7E>7 ;c>>5> G5BDF?<<5
)?8CD?665 G9545B75G?>>5> G5B45>
95C5C 5BWD 9CD 5>DC@B5385>4 45B 5EB?@W9C385>
)938D<9>95 f25B <5;DB?g E>4
<5;DB?>9;1<D75BWD5 G1CD5 5<53DB931< 1>4 5<53DB?>93
5AE9@=5>D . 75;5>>J5938>5D
95 )938D<9>95 792D 45> )18=5> 6fB 59>5 ,G59D
7f<D975 )f3;>18=5 E>4 -5BG5BDE>7 45B <D75BWD5
F?B
1C 5BWD 5>D8W<D 9> 75B9>75B $5>75 41C
E=G5<D6B5E>4<9385 125B 2B5>>21B5 "W<D5=9DD5< )1
38D5> *95 41B1E6 41CC 495 )?8B5 45C
"W<D5=9DD5<g"B59C<1E65C 259 +B1>C@?BD ?45B $?>D175
>938D 25C38W497D G5B45>
5B1ECC@B9DJ5>45C
"W<D5=9DD5< ;1>> JE E75>F5B<5DJE>75> 6f8B5> ?45B
C938 5>DJf>45>
15 1?/4M053A:3
&665>5C 5E5B ?45B 0f>4AE5<<5> F?= 5BWD
65B>81<D5>
%5DJCD53;5B J9585>
!
+->:A:3
)1E= 6fB 59>975 $9>ED5> 7ED 4EB38<f6D5>
59 1EC75495>D5> 5BWD5>
"E>45>495>CD 25>138B938D975>
%5DJCD53;5B J9585>
!5 =58B "W<D5=9DD5< 9> 59>5= 5BWD 9CD E=C? 7BcT5B
=ECC 45B )1E= C59> 9> 45= 41C 5BWD CD58D
> JE
;<59>5> )WE=5> ;1>> 259 59>5= #53; 59> 2B5>>21B5C
1Cg#E6Dg5=9C38 5>DCD585>
>C38<ECC;125< 4EB38DB5>>5> E>4 =9D 45=
%5DJCD53;5B 5>D65B>5>
"W<D575BWD5 5>D81<D5> "W<D5=9DD5< E>4 9> 45B C?<95BE>7
1C5
"W<D5=9DD5< E>4 1C5 =fCC5> 613875B538D 5>DC?B7D
G5B45>
)?8B5 45C "W<D5=9DD5<g"B59C<1E65C 29C JEB
613875B538D5> >DC?B7E>7 >938D 25C38W4975>
'B? 7 "W<D5=9DD5< =ECC 45B )1E= =9>45CD5>C =
7B?T C59>
95 $5>75 45C "W<D5=9DD5<C 8B5C 5BWD5C
CD58D 1E6 45= +I@5>C389<4 9= >>5B5> 45C 5BWD5C
D
1C .538C5<> 45B %5DJ1>C38<ECC<59DE>7 E>4 1>45B5
)5@1B1DEB5> 4fB65> >EB F?= "E>45>495>CD
4EB38756f8BD G5B45>
,>C13875=WT5 >CD1<<1D9?>5>
E>4 )5@1B1DEB5> ;c>>5> 45> 5>EDJ5B 5B852<938
756W8B45>
159 1.>-A/4
D
D
D
D
D
D
D
D
D
D
D
D
D
%95 5<5;DB9C385 5BWD5 9>>5B81<2 45C 5BWD5C
F5BG5>45> J
59J75BWD5 5<5;DB9C385 9C25B59D5B
ECG
D<8;?5;:?312-4>
%95 41C 5BWD =9D 59>5= 1=@6B59>97E>7C75BWD
12D1E5> ?45B B59>975> 5B 1=@6 ;1>> 1>
5<5;DB9C385 +59<5 75<1>75> E>4 59>5> "EBJC38<ECC
1EC<cC5>
'@>;9?/48-3312-4>
"59>5 C@9DJ5> ?45B C381B6;1>D975> 575>CDW>45
F5BG5>45> E= )596g E>4 9CC38938D5> JE 5>D65B>5>
*95 ;c>>D5> 41=9D 495 "W<D5=9DD5<B?8B5 25C38W4975>
5B1ECC@B9DJ5>45C "W<D5=9DD5< ;1>> C938 5>DJf>45>
?45B JE E75>F5B<5DJE>75> 6f8B5>
"59>5 'B?4E;D5 =9D 2B5>>21B5> +B59271C5>
J
*@B1I4?C5> E>4 ;59>5 5H@<?C9F5> *D?665
<175B>
D<8;?5;:?312-4>
5:01> 59 -A?4-8@
D
-5B@13;E>7 E>4 45B5> +59<5 >938D "9>45B>
f25B<1CC5>
BCD93;E>7C75618B 4EB38 1<D;1BD?>C E>4
?<95>
D
1C 5BWD 9CD ;59> *@95<J5E7 6fB "9>45B
D
59 5BWD =9D +fBC38<?CC *38<fCC5< 1ET5B )5938G59D5
F?> "9>45B> 1E625G18B5>
8831915:1 1?@599A:31:
1C 5BWD 597>5D C938
D
JE= 56B95B5> F?> #525>C=9DD5<>
D
JEB 9C25B59DE>7
1C 5BWD 9CD >EB 6fB 495 -5BG5>4E>7 9= 1EC81<D
25CD9==D
*?3;5< ECJf75 +fB5> ECG
>938D 1<C +B9DD2B5DD ?45B
JE= 2CDfDJ5> =9CC2B1E385>
1C 5BWD 9CD 6E>;5>DCDcBD >138 ,g)938D<9>95
0E= 2D1E5> E>4 )59>975> %5DJCD53;5B J9585> ?45B
*9385BE>7 1ECC381<D5>
= %5DJCD53;5B J9585> >938D 1= >C38<ECC;125<
5B "W<D5;B59C<1E6 9CD 1E6 938D859D 75@Bf6D
?38@B?J5>D975> <;?8?< >EB 4938D F5BC38<?CC5> E>4
CD585>4 <175B>
"E>CDCD?66g+59<5 E>4 +fB4938DE>7 >938D =9D R< ?45B
5DD F5BC38=EDJ5>
"E>CDCD?66g+59<5 E>4 +fB4938DE>7
G5B45> C?>CD @?BcC
5g E>4 >D<f6DE>7Cc66>E>75> 6fB 41C 5BWD >95
12453;5> ?45B JECD5<<5>
95C5C 5BWD 9CD F?> '5BC?>5> =9D 59>75C38BW>;D5>
@8IC9C385> C5>C?B9C385> ?45B @CI389C385>
W897;59D5> ?45B =1>75<>45= .9CC5> >EB =9D
E6C938D ?45B 1EC6f8B<9385B ><59DE>7 JE 25>EDJ5>
= 56B95BB1E= ;59>5 <fCC97;59D5> 9> <1C385> E>4
?C5> <175B> 25C?>45BC ;?8<5>CWEB581<D975
5DBW>;5
<1C385> E>4 ?C5> ;c>>5> @<1DJ5>
%95 56B95B7ED C?6?BD >13845= 5C 1EC 45=
56B95BB1E= 75>?==5> G9B4 9> 45> $E>4 >58=5>
12>51>B1>.>1::A:3?312-4>
-5B=5945> *95 <W>75B5> "?>D1;D 45B W>45 =9D 45=
56B95B7ED 9C ?45B 45> -5B41=@65BB?8B5> ECG
12>51>B1>.>1::A:3?312-4>
95C5C BJ5E7>9C 5>DC@B938D 45> 59>C38<W7975>
*9385B859DC25CD9==E>75> 6fB <5;DB?75BWD5
%
1>M@ -A2?@1881:
1>M@ -:?/4851K1:
0E= E6CD5<<5> 597>5D C938 59> DB?3;5>5B 25<f6D21B5B
)1E=
5B E6CD5<<@<1DJ C?<<D5 >938D 49B5;D5B
*?>>5>25CDB18<E>7 1EC75C5DJD E>4 >938D 9> 45B %W85
59>5B .WB=5AE5<<5 G95 5B4 59J;cB@5B 5D3
C59>
.5>>
41C E6CD5<<5> >525> 59>5B .WB=5AE5<<5 E>F5B=59421B
9CD F5BG5>45> *95 59>5 75597>5D5 C?<95B@<1DD5?45B 81<D5>
*95 6?<75>45 $9>45CD12CDW>45 JEB .WB=5AE5<<5 59>
%138 45= E6CD5<<5> 45C 5BWD5C =9>45CD5>C *DE>45
G1BD5> 29C 41C 5BWD 9> 5DB952 75>?==5> G9B4
.W8B5>4 45C +B1>C@?BDC ;1>> 5C F?B;?==5> 41CC C938
41C 9= -5B4938D5B 5>D81<D5>5 R< 9= "W<D5CICD5= F5B<175BD
0E <5;DB?g ?45B 1C85B45> 3=
0E R<g ?45B "?8<51>CD5<<85B45> 3=
95 *D53;4?C5 C?<<D5 6B59 JE7W>7<938 C59>
1C 5BWD 1>
- J .538C5<CDB?= f25B 59>5 F?BC38B96DCg
=WT97 9>CD1<<95BD5 *D53;4?C5 1>C38<95T5>
95 *D53;4?C5
=ECC =9D 59>5B g29Cgg*9385BE>7 1275C9385BD C59>
-?B 45B 5BCD5> >25DB952>18=5 45> >>5>B1E= 45C
5BWD5C B59>975> C9585)59>975>
59 5BWD5> 495 9> >938Dg5EB?@W9C385> #W>45B>
25DB9525> G5B45> 9CD 1E6 45= +I@5>C389<4 JE
f25B@Bf65> ?2 495 1>757525>5 *@1>>E>7 E>4 *DB?=1BD
=9D 45> .5BD5> 8B5C *DB?=>5DJ5C f25B59>CD9==D
1C
+I@5>C389<4 2569>45D C938 9= "f8<B1E= <9>;C E>D5>
9>
5F5>DE5<< >?DG5>4975B ECD1EC38 45B
%5DJ1>C38<ECC<59DE>7 41B6 >EB 4EB38 59>5> 138=1>>
5B6?<75>
!
+->:A:3
E6 ;59>5> 1<< 41B6 41C 5BWD 1> 5<5;DB?>9C385
>5B795C@1BCD53;5B E>4 1> .538C5<B938D5B 495
<5938CDB?= 9> - .538C5<CDB?= E=G1>45<>
1>75C38<?CC5> G5B45> J
*?<1B1><175>
*38966CCDB?=>5DJ5
1>M@ 71::1:81>:1:
95C5 52B1E38C1>G59CE>7 79<D 6fB =58B5B5 $?45<<5
2G5938E>75> 259 45> 229<4E>75> C9>4 =c7<938
g 5495>2<5>45
1E@DC381<D5B
%? B?CDg*ICD5=
5<5E38DE>7 #
56B95B6138g"<1@@5
<1C12<175
56B95B7EDg*381<5 ;<59>
56B95B7EDg*381<5 7B?T
5g E>4 >D<f6DE>7Cc66>E>7
1051:.81:01
8->9Y(-?@1
95>D JE= 2C381<D5> 45C .1B>D?>C
C9585 "1@9D5< .1B>D?>K
G'A<1>Y(-?@1 12>51>>-A9
95>D JE= 9>g E>4 ECC381<D5> 45C
*E@5Bg56B95B5>C
(19<1>-@A>Y5:?@188@-?@1 12>51>>-A9
$9D 45B +1CD5 G9B4 495 +5=@5B1DEB 45C 56B95BB1E=C
59>75CD5<<D
(19<1>-@A>-:F1531 12>51>>-A9
95 018<5> 5>DC@B5385> 45> 59>75CD5<<D5>
56B95BB1E=g +5=@5B1DEB5> 9> M.
&-A9@19<1>-@A> A:0 18W2@A:3
.1-/4@1:
5:C15?1 FA9 1@>51.
1C 5BWD 9CD 6fB 59>5 25CD9==D5 "<9=1;<1CC5 1EC75<57D
28W>797 F?> 45B "<9=1;<1CC5 ;1>> 41C 5BWD 259
6?<75>45> )1E=D5=@5B1DEB5> 25DB9525> G5B45>
95 "<9=1;<1CC5 9CD 1E6 45= +I@5>C389<4 <9>;C E>D5> 9=
5BWD JE 69>45>
'"
M D? M
"
M D? M
'(
M D? M
(
M D? M
D
D
D
D
.5>> 45B 56B95BB1E= C59>5 5DB952CD5=@5B1DEB
5BB5938D 81D <5E38D5D 495 >J5975 +5=@5B1DEB CDW>497
95 *D9B>C59D5> 45C 58WEC5C G5B45> D59<G59C5 <5938D
25859JD 495C F5B89>45BD *38G9DJG1CC5B29<4E>7 9=
5B5938 45B +fB4938DE>7
*?<<D5 C938 >138 45= *38<95T5> 45C 56B95BB1E=5C
495 +fB >938D C?6?BD G9545B c66>5> <1CC5> G1BD5> *95
29DD5 JG59 29C 4B59 $9>ED5> 29C C938 45B 5>DCD1>45>5
,>D5B4BE3; 1EC757<9385> 81D
EB38 41C F?<<1ED?=1D9C385
%? B?CDg*ICD5= 2<592D 45B 56B95BB1E= 59C6B59
9>
2D1E5> 9CD >938D =58B >?DG5>497
18W2@A:3
95 5BGWB=D5 #E6D =ECC E>7589>45BD 12J9585> ;c>>5>
95 "f8<=1C389>5 =ECC C?>CD =58B <59CD5>
95C 5B8c8D
45> *DB?=F5B2B1E38
185B %95 5g E>4 >D<f6DE>7Cc66>E>7 12453;5> ?45B
JECD5<<5>
(19<1>-@A> 15:?@1881:
12>51>>-A9
F?> M 29C M 59>CD5<<21B
1>M@ 15:?/4-8@1:
+5=@5B1DEBg9>CD5<<D1CD5 C? ?6D 4Bf3;5> 29C 495
75Gf>C38D5 56B95BB1E=g+5=@5B1DEB 59>75CD5<<D 9CD
5B
JE<5DJD 59>75CD5<<D5 .5BD G9B4 75C@59385BD
1C 5BWD =9D 45= 1E@DC381<D5B 59>C381<D5>
95 59>75CD5<<D5 +5=@5B1DEB G9B4 1E6 >J5975 1>75J597D
9> .1B>D?> 5BDc>D 495 <1B=g+1CD5 E>4 495
+5=@5B1DEB1>J5975 2<9>;5>
EB38 Bf3;5> 45B <1B=g+1CD5 G9B4 45B .1B>D?>
1275C381<D5D
95 <1B=g+1CD5 <5E38D5D E>4 495 +5=@5B1DEB1>J5975
2<9>;D 29C 41C 5BWD 495 59>75CD5<<D5 +5=@5B1DEB 5BB5938D
81D
.9B 5=@658<5> 9= 56B95BB1E= 59>5 9>CD5<<E>7 F?>
gM
+->:@;:
"A@F5:4-8@
+->:@;: -.?/4-8@1:
95 >7125> JE= %EDJ9>81<D 69>45> *95 9> 8B5= 5BWD 1E6
45= +I@5>C389<4
EB38 Bf3;5> 45B <1B=g+1CD5 C381<D5D 45B .1B>D?>
12 E>4 495 >J5975 G9B4 >5E 9> 5B59DC3816D 75C5DJD
12>51>1: A:0 -31>:
(W>C->:@;:
5B +fBG1B>D?> C381<D5D C938 59> G5>> 59>5 5BWD5DfB
<W>75B 1<C 59>5 $9>ED5 ?665> CD58D
C 5BDc>D 59>
1E5BG1B>D?>
(19<1>-@A>C->:@;:
5B +5=@5B1DEBG1B>D?> C381<D5D C938 59> G5>> 5C 9=
56B95BB1E= JE G1B= 9CD
C 5BDc>D 59> '95@D?>
8->9Y (19<1>-@A>Y >78M>A:3
(-?@1 -:F1531
<5E38D5D 2<9>;D
2<9>;D
:@-AC->:A:3
<5E38D5D
1<D21B;59DC41DE= 25138D5>
+5=@5B1DEB 9> 45B -5B;1E6CDBE85 M ?45B D9565B
+956;f8<;?CD =c7<938CD 9> 59>5B C?<95BD1C385
DB1>C@?BD95B5> E>4 C38>5<< 9> 45> 56B95BB1E= <575>
12>51>3A@ 8-31>:
.938D97 6fB 59>G1>46B595 #E6DJ9B;E<1D9?> 9= 5BWD
56B95B7EDg*381<5> 29C JE= >C38<17 59>C389525>
:@-AC->:A:3
BcT5B5 $5>75> #525>C=9DD5< F?BJE7CG59C5 9> 45>
?25BCD5> W385B> 59>756B95B5>
?BD G5B45> C95
25C?>45BC C38>5<< E>4 C?=9D 1E38 C38?>5>4
59>756B?B5>
> 45B -5B71>75>859D C-> 5C JE
G1B=
56B95B7ED 9CD 756W8B45D
95 #f6DE>7CC38<9DJ5 1> 45B )f3;G1>4 >938D =9D
56B95B7ED F5B453;5>
56B95B7ED 5?@ 756W8B45D
2<9>;D
-5B@13;E>7 41B6 >938D 25C38W497D C59>
(19<1>-@A>C->:A:3
56B95B7ED 9CD >938D 756W8B45D
2<9>;D
(5127W487;?@ 15:7-A21:
.5>> 5C38=13; 5BE38 E>4 ECC585> E>F5BW>45BD
C9>4 ;c>>5> 495 #525>C=9DD5< >138 "?385> ?45B B1D5>
5B>5ED 59>756B?B5> G5B45>
*9>4 F95<5 #525>C=9DD5< E>D5BJE2B9>75> ;1>> =1> 495
#525>C=9DD5< 49B5;D 1E6 45> <1C12<175> E>4 45=
56B95BB1E=g?45> CD1@5<>
1JE CW=D<9385
56B95B6138g"<1@@5> E>4 56B95B7EDg*381<5> 1EC 45=
5BWD >58=5>
95 =1H
#175B41E5B >938D =58B F?<< >EDJ5>
D
:@-AC->:A:3
56B95B7EDg*381<5> 29C JE= >C38<17 85B1ECJ9585>
F?B>5 1>8525> E>4 85B1EC>58=5>
(19<1>-@A>C->:A:3
&8>5 5618B 6fB 41C 56B95B7ED ;1>> C938 45B .1B>D?>
59>C381<D5>
D
59 >25DB952>18=5 45C 5BWD5C
D
59= 9><575> 7B?T5B $5>75> 6B9C385B #525>C=9DD5<
D
59 JE <1>75 75c66>5D5B 56B95BB1E=g+fB
>5?/41 1.1:?95@@18 15:2>51>1:
D
0E= 9>C5DJ5> 45B 56B95B7EDg*381<5 =9D
ECJE7CC3895>5> =fCC5> 495 *3895>5> 1EC75J?75>
C59>
1.1:?95@@18 ?18.?@ 15:312>51>1:
.5B45> #525>C=9DD5< C5<2CD 59>756B?B5> >EB 6B9C385
59>G1>46B595 #525>C=9DD5< F5BG5>45>
,A9 5:312>51>1: 31153:1@ ?5:0
<59C38g E>4 .EBCDG1B5> 56<f75< E>4 .9<4 9C38
5=fC5 "BWED5B &2CD 13;G1B5> '9JJ1 65BD975
*@59C5> *@59C5B5CD5 975<2 E>4 9G59T
,A9 5:312>51>1: :5/4@ 31153:1@ ?5:0
1>J5 95B 9> 45B *381<5 *1E5BB18= E>4 $1I?>>19C5
<1DDC1<1D5 )1495C385> )5DD9385 E>4 0G9525<
8-:/451>1: B;: 19W?1 A:0 #.?@
D
56B95B6138g"<1@@5 c66>5> 59>5> 45B #175B2?<J5>
81<D5> E>4 "<1@@5 41F?> 12J9585>
1=9D 1B25 5C38=13; B?=1 E>4 -9D1=9> K
5B81<D5> 2<5925> C?<<D5 5=fC5 E>4 &2CD F?B 45=
9>756B95B5> 2<1>3895BD G5B45>
59= <1>3895B5> G9B4 41C 5=fC5 E>4 &2CD ;EBJJ59D97
9> ;?385>45C .1CC5B 75D1E38D
#9D5B1DEB f25B 41C 9>756B95B5> G? 1E38 41C <1>3895B5>
25C38B9525> G9B4 792D 5C 9= E3881>45<
1.1:?95@@18 15:312>51>1:
-5BG5>45> *95 JE= 9>756B95B5> >EB 6B9C385 E>4
59>G1>46B595 #525>C=9DD5<
9>JE6B95B5>45 >938D =9D 25B59DC 756B?B5>5> #525>C=9DD5<>
9> 5Bf8BE>7 2B9>75>
'A<1>Y12>51>1:
#525>C=9DD5< C?<<5> =c7<938CD C38>5<< 29C JE= "5B>
4EB38756B?B5> G5B45> 41=9D -9D1=9>5 %W8BG5BD5
ECC585> E>4 5C38=13; 5B81<D5> 2<5925>
#525>C=9DD5< <E6D4938D F5B@13;5> 41=9D C95 45>
5C38=13; >938D F5B<95B5> ?45B 1ECDB?3;>5>
1=9D 5C 259= 9><575> 6B9C385B #525>C=9DD5< >938D JE=
E>5BGf>C38D5> +5=@5B1DEB1>CD957 ;?==D 59>975
*DE>45> F?B 45= 9><575> 6B9C385B .1B5 41C
*E@5Bg56B95B5> 59>C381<D5>
!-D 12>51>B1>9U31:
5:Y A:0 A??/4-8@1:
>7125> f25B 41C =1H
56B95BF5B=c75> 9> *DE>45>
69>45> *95 1E6 45= +I@5>C389<4
K*E@5Bg+1CD5 4Bf3;5>
'; B1><-/71: '51 >5/4@53
#525>C=9DD5< 9> 495 -5B@13;E>7 59><575>
#E6D 85B1EC4Bf3;5>
-5B@13;E>7 4938D F5BC38<95T5>
CD 41C *E@5Bg56B95B5> 59>75C381<D5D <5E38D5D 495 +1CD5
1C *E@5Bg56B95B5> C381<D5D 1ED?=1D9C38 >138 31
O+175> 12
5:C15?
CD 41C *E@5Bg56B95B5> 59>75C381<D5D ;1>> 5C JE
5B8c8D5> 5DB952C75BWEC385> ;?==5>
-5B@13;E>7 25C38B96D5> =9D >81<D E>4
9>756B95B41DE=
8? *1><-/7A:3 31153:1@ ?5:0
"E>CDCD?66g?<95> *38<1E386?<95> 1EC '?<I5D8I<5>
<Eg?<95> 56B95B4?C5>
95C5 'B?4E;D5 69>45> *95 9=
13881>45<
8? *1><-/7A:3 A:31153:1@ ?5:0
'13;@1@95B '5B71=5>D@1@95B 5<<?@81> $f<<25ED5<
E>4 752B1E38D5 9>;1E6CDfD5>
,A9 *1>?/4851K1: 31153:1@ ?5:0
E==9B9>75 "E>CDCD?66;<9@C5 9>46W45>
;W<D525CDW>4975 "<5252W>45B ?45B W8><9385C
5ED5< E>4
*38<1E386?<95> 1EC '?<I5D8I<5> ;c>>5> =9D 59>5=
?<95>C38G59CC75BWD F5BC38G59CCD G5B45>
[email protected]>715@ 01? 12>51>3A@1?
W>7D 12 F?> 45B BD 45B #525>C=9DD5<
59 59>5B
+5=@5B1DEB59>CD5<<E>7 F?> M
D
9C38 .EBCD 65BD975 *@59C5> 13;G1B5>
29C JE $?>1D5
D
"WC5 56<f75< <5938
29C JE $?>1D5
D
5=fC5 &2CD
29C JE $?>1D5
A??@-@@A:3 01? 12>51>>-A9?
12>51>3A@ -A2@-A1:
>938D 259 1<<5> $?45<<5>
!5 >138 BD E>4 -5BG5>4E>7CJG53; ;1>> JG9C385>
6?<75>45> $c7<938;59D5> 75GW8<D G5B45>
M8@1-77A
D
259 )1E=D5=@5B1DEB
D
9= "f8<C38B1>;
D
9= 5<5;DB9C385> 13;?65> =9D?8>5 59T<E6DF5>D9<1D?B
D
9= $9;B?G5<<5>75BWD
5:C15?
>g ?45B 1E675D1ED5C 56B95B7ED >938D G9545B 59>756B95B5>
BCD >138 45= -5B1B259D5> JE 59>5= 5BD9775B938D
75;?38D ?45B 752B1D5> ;1>> 5C 5B>5ED 59>756B?B5>
G5B45>
5B "W<D51;;E F5BJc75BD 259 59>5= *DB?=1EC61<< ?45B
59>5B *DcBE>7 495 BGWB=E>7 45C 59>75<175BD5>
56B95B7ED5C
5B "W<D51;;E ;1>> 1E38 JE=
F?Bf25B7585>45> "f8<81<D5> F?> #525>C=9DD5<> J
9>
59>5B "f8<D1C385 85B1EC75>?==5> G5B45>
5??/4-81
9CC381<5 P =9D .1CC5B 6f<<5> 9> 45> 56B95BB1E= CD5<<5>
5CD756B?B5>5 9CC381<5 >EB =9D CDE=@65= 575>CD1>4
<cC5> #c665<CD95<
0E= #cC5> 45B 9CGfB65< 9CC381<5 ;EBJ E>D5B 6<95T5>45C
.1CC5B 81<D5> ?45B <5938D F5BG9>45>
95 =1H
#175B41E5B 45C 56B95B7ED5C >938D =58B F?<<
>EDJ5>
1>M@ -A??/4-8@1:
1>M@ >15:531:
1E@DC381<D5B 4Bf3;5>
"f8<=1C389>5 E>4 >>5>B1E=25<5E38DE>7 C381<D5> 12
/4@A:3
1>M@ ?@5888131:
.5>> *95 41C 5BWD <W>75B5 059D >938D 25>EDJ5>
5BWD 1ECC381<D5>
%5DJCD53;5B J9585> ?45B *9385BE>7 1ECC381<D5>
5BWD B59>975>
-5BG5>45> *95 ;59>5 C1>4g 38<?B94g ?45B CWEB581<D975>
'EDJg E>4 #cCE>7C=9DD5<
-5BG5>45> *95 ;59>5 C385E5B>45> ?45B ;B1DJ5>45>
*38GW==5
E6 45> =5D1<<9C385> &25B6<W385> 9= 5BWD
;c>>D5 "?BB?C9?> 5>DCD585>
%95 2<175> E>4 58W<D5B 9= 5C389BBC@f<5B B59>975>
95
+59<5 ;c>>5> C938 F5B6?B=5>
8-?-.8-31: 41>-A?:1491:
5BWD5g+fB ?665> <1CC5>
.@-A1:
12>51>>-A9
EB38 41C F?<<1ED?=1D9C385 %?6B?CDg*ICD5= 2<592D 45B
56B95BB1E= 59C6B59
9> 2D1E5> 9CD >938D =58B
>?DG5>497
D
-?B 45= )59>975> 5BWD 1ECC381<D5>
D
%5DJCD53;5B J9585> ?45B *9385BE>7 1ECC381<D5>
D
D
56B95B7ED 85B1EC>58=5> E>4 1> 59>5= ;f8<5> &BD
<175B>
"W<D51;;E G5>> 259<9575>4 1E6 495
#525>C=9DD5< <575>
)59>975> *95 41C 5BWD =9D 59>5= G59385> +E38
<1EG1B=5= .1CC5B E>4 5DG1C 'g>5EDB1<5=
*@f<=9DD5<
1C *@f<G1CC5B 41B6 >938D 9> 495
5<5E38DE>7 75<1>75>
D
95 +fB4938DE>7 >EB =9D ;<1B5= .1CC5B 12G9C385>
E>4 41>138 7Bf>4<938 DB?3;5> B5925>
D
%138 45= )59>975> 5BWD G9545B 1>C38<95T5> E>4
59>C381<D5>
181A/4@A:3 1@>51.?31>MA?/41
8B 5BWD 9CD =9D 59>5B G1BDE>7C6B595> #g5<5E38DE>7
1EC75CD1DD5D
-:F :;>9-81 1>MA?/41
>A991: "W<D5177B571D <WE6D
*;>?5/4@ Y181A/4@A:3
#1C5BCDB18<E>7 45B "<1CC5 $ %?B= %938D
=9D ?@D9C385> >CDBE=5>D5> 49B5;D 9> 495 *DB18<E>7
2<93;5>
5618B F?> E75>C38W45>
)5@1B1DEB5> 1> 495C5B 5<5E38DE>7 4fB65> >EB F?=
"E>45>495>CD ?45B 1ED?B9C95BD5> 138;BW6D5> 1EC756f8BD
G5B45>
:1>351 ?<->1:
D
D
5BWD 9> 59>5= DB?3;5>5> 25<f6D21B5> )1E=
1E6CD5<<5> 1C 5BWD C?<< >938D 49B5;D 9> 45B *?>>5
?45B 9> 45B %W85 59>5B .WB=5AE5<<5 CD585> J
59J;cB@5B 5B4
-5BG5>45> *95 776
59>5
C?<95B@<1DD5
5BWD5DfB5> C? ;EBJ G95 =c7<938 c66>5>
8A..1>:01 ?A>>1:01 ?45B 3A>318:01 1>MA?/41 "W<D5=9DD5< 6<95TD 4EB38 495 )?8B5
85/71: $?D?B C381<D5D 59> ?45B 1EC
1>MA?/41 B1>91501:
-? 1>M@ ?@14@ A:1.1:
9DD5 B938D5> *95 495 9>21E>9C385 =9D 9<65 59>5B
.1CC5BG1175 1EC
-5BG5>45> *95 41JE 495 *38B1E26fT5
45B %9C385 ?45B <575> *95 5DG1C E>D5B
'/4A.8-01: U>.1 ;01> .?@18828M/41: C-/718:
;01> 781991:
'Bf65> *95 29DD5 495 85B1EC>58=21B5> +59<5 E>4 C5DJ5>
*95 C95 5F5>DE5<< >5E 59>
12MK1 .1>W4>1: ?5/4
)f3;5> *95 29DD5 495 56WT5 <5938D 1EC59>1>45B
D
D
D
95 5g E>4 >D<f6DE>7Cc66>E>7 9= *?3;5< C?<<D5
75<575>D<938 =9D 59>5= *D1E2C1E75B ?45B '9>C5<
75B59>97D G5B45> E= 59>5> 5B8c8D5>
*DB?=F5B2B1E38 JE F5B=5945>
.1B=5 *@59C5> 5BCD >138 45= 2;f8<5> 9> 45>
56B95BC38B1>; <575>
1C 56B95B7ED JE= E6D1E5> 9> 45> "f8<C38B1>;
7525>
95 "W<D5 45C 56B95B7ED5C JEB "f8<E>7 F?>
#525>C=9DD5<> >EDJ5>
815:1 '@U>A:31: ?18.?@ .141.1:
1B;> '51 01: A:01:051:?@ >A21:
S25B@Bf65> *95 ?2 *95 495 *DcBE>7 1E67BE>4 45B 6?<75>45> 9>G59C5 C5<2CD 258525> ;c>>5>
*95 =fCC5> 495 "?CD5> 6fB 5B1DE>7 4EB38 45> "E>45>495>CD C5<2CD f25B>58=5> 1E38 GW8B5>4 45B 1B1>D95J59D
'@U>A:3
!U385/41 )>?-/41
(19<1>-@A> C15/4@
?@->7 B;: 01>
5:?@188A:3 -.
.45821
> 59>975> W<<5> B5938D 5C G5>> *95 41C 5BWD 6fB
$9>ED5> 1ECC381<D5>
CD 495 +5=@5B1DEB JE C->9 @Bf65> *95 >138
G5>975> *DE>45> ?2 59>5 +5=@5B1DEB1>>W85BE>7
5B6?<7D 9CD
CD 495 +5=@5B1DEB JE 7-8@ @Bf65> *95 1= >W38CD5>
+17 495 +5=@5B1DEB >?38=1<
15:1 :F1531 81A/4@1@
*DB?=1EC61<< 495 *9385BE>7 81D
1EC75<cCD 45B %5DJCD53;5B C9DJD
>938D 65CD
'Bf65> ?2 *DB?= F?B81>45> 9CD *9385BE>7 =ECC
59>75C381<D5D C59>
'Bf65> ?2 *DB?= F?B81>45> 9CD *9385BE>75>
f25B@Bf65>
51 M8@19-?/45:1
?/4-8@1@ 5991> 4MA2531>
A:0 8M:31> 15:
95 5g E>4 >D<f6DE>7Cc66>E>7 9CD
F5B453;D
9>45B>9CC5 5>D65B>5>
1>M@ 7W48@ :5/4@ 15:1
:F1531 81A/4@1@
*DB?=1EC61<<
1E@DC381<D5B 4Bf3;5>
*9585 "1@9D5< 5BWD
;5>>5><5B>5>
D
95 *9385BE>7 81D 1EC75<cCD
D
5B %5DJCD53;5B C9DJD >938D 65CD
1>M@ 7W48@ :5/4@
(19<1>-@A>-:F1531Y
M9</41: A:0
::1:.181A/4@A:3
81A/4@1@
ECCD5<<E>7C=?4EC 9CD
59>75C381<D5D
<1B=g+1CD5 6fB *5;E>45>754Bf3;D 81<D5> 29C
59> 5CDWD97E>7CD?> 5BDc>D
*9585 "1@9D5<
5495>2<5>45
51 ::1:.181A/4@A:3
2A:7@5;:51>@ :5/4@
95 #g5<5E38DE>7 9CD 4565;D
*9585 "1@9D5< 5<5E38DE>7 #
+fB G1B JE <1>75 ?665>
5<5E38DE>7 G9B4 >138
31
$9>ED5> 1275C381<D5D
%138 *38<95T5> E>4 R66>5> 45B +fB 9CD 495
5<5E38DE>7 G9545B 1>
S25B@Bf65> *95 >138 59>975B 059D ?2 8B 5BWD ;f8<D
51 (19<1>-@A>-:F1531Y WE6975C R66>5> 45B 5BWD5g+fB
M9</41: .85:71:
C GEB45> F95<5 #525>C=9DD5<
59>75<57D
+fB >938D E>>cD97 c66>5>
5: +->:@;: 1>@U:@ 0-?
(19<1>-@A>-:F1531Y
M9</41: .85:7@
*9585 "1@9D5< .1B>D?>
*DcBE>7 9= 56B95BB1E= 9CD 5C JE
G1B=
12-4> 2W> 0-? 12>51>3A@
*E@5Bg56B95B5> F?B 45= 9><575> 59>C381<D5>
A:01:051:?@
9>5> "E>45>495>CD 9> 8B5B %W85 69>45> *95 9=
+5<56?>2E38 ?45B 9= "E>45>495>CDg-5BJ5938>9C
525>
*95 29DD5 45= "E>45>495>CD 495 BJ5E7>9C>E==5B g%B
E>4 495 5BD97E>7C>E==5B g%B
45C 5BWD5C 1>
E - Nr
FD - Nr
*95 69>45> 495C5 >7125> 1E6 45= +I@5>C389<4
9DD5 85<65> *95 4EB38 %5>>E>7 45B BJ5E7>9Cg E>4
5BD97E>7C>E==5B =9D E>>cD975 >618BD5> JE
F5B=5945>
*95 C@1B5> 495 41=9D F5B2E>45>5>
$58B;?CD5>
1: (-.81 ;2 /;:@1:@?
:2;>9-@5;: /;:/1>:5:3 05?<;?-8 '-21@E -:0 C->:5:3 5:2;>9-@5;: :?@-885:3 @41 -<<85-:/1 ;::1/@5:3 @41 -<<85-:/1 1@@5:3 @; 7:;C E;A> -<<85-:/1 -?/5- #.?1>B1 -9.51:@ @19<1>-@A>1 -:0B1:@58-@5;:
'C5@/45:3 ;: @41 -<<85-:/1 '181/@5:3 @41 @19<1>-@A>1 +->:5:3 ?53:-8 )?-.81 /-<-/5@E >11F5:3 -:0 ?@;>5:3 2;;0 >11F5:3 2>1?4 2;;0 >11F5:3 2;;0 'A<1> 2>11F5:3 1-@A>1? ;2 @41 2>11F1> /;9<->@91:@ (4-C5:3 2>;F1: 2;;0 'C5@/45:3 ;22 @41 -<<85-:/1 12>;?@5:3 81-:5:3 @41 -<<85-:/1 534@ (5<? 2;> ?-B5:3 1:1>3E #<1>-@5:3 :;5?1? 8595:-@5:3 95:;> 2-A8@? E;A>?182 A?@;91> ?1>B5/1 :2;>9-@5;: /;:/1>:5:3 05?<;?-8
'-21@E -:0 C->:5:3 5:2;>9-@5;:
x 5?<;?-8 ;2 <-/7-35:3
12;>1 E;A ?C5@/4 #" @41 -<<85-:/1
+85 @13;179>7 @B?D53DC I?EB 1@@<91>35 6B?= 41=175
4EB9>7 DB1>C9D
<< @13;179>7 =1D5B91<C 1B5 5>F9B?>=5>D1<<I
6B95>4<I 1>4 B53I3<12<5
'<51C5 3?>DB92ED5 D? 1 25DD5B
5>F9B?>=5>D 2I 49C@?C9>7 ?6 @13;179>7 =1D5B91<C 9> 1>
5>F9B?>=5>D1<<Ig6B95>4<I =1>>5B
'<51C5 B514 D85 ?@5B1D9>7 1>4 9>CD1<<1D9?> 9>CDBE3D9?>C
31B56E<<I
+85I 3?>D19> 9=@?BD1>D 9>6?B=1D9?> ?> 8?G D? 9>CD1<<
EC51>4 =19>D19> D85 1@@<91>35
"55@ 1<< 4?3E=5>D1D9?> 6?B CE2C5AE5>D EC5 ?B 6?B
D85>5HD ?G>5B
'<51C5 1C; I?EB 451<5B ?B 9>AE9B5 1D I?EB <?31< 1ED8?B9DI
12?ED 3EBB5>D =51>C ?6 49C@?C1<
(1/4:5/-8 ?-21@E
x 5?<;?-8 ;2 E;A> ;80 -<<85-:/1
D
&<4 1@@<91>35C 1B5 >?D G?BD8<5CC BE229C8
-1<E12<5 B1G =1D5B91<C 31> 25 B53<19=54 2I B53I3<9>7 ?<4
1@@<91>35C
+89C 1@@<91>35 81C 255> 945>D96954 9> 133?B41>35
G9D8 D85 EB?@51> 49B53D9F5 ?> .1CD5
<53DB931< 1>4 <53DB?>93 AE9@=5>D h .
+85 49B53D9F5 C@539695C D85 6B1=5G?B; 6?B 1> ,gG945
F1<94 B5DEB> 1>4 B53I3<9>7 ?6 ?<4 1@@<91>35C
!
2 0-9-31 4-? ;//A>>10
"55@ >1;54 6<1=5C 1>4?B 97>9D9?> C?EB35C 1G1I
6B?= D85 1@@<91>35
'E<< ?ED D85 =19>C @<E7
+->:5:3
D8?B?E78<I F5>D9<1D5 D85 B??= 6?B C5F5B1< =9>ED5C
)54E>41>D 1@@<91>35C
%?D96I 3ECD?=5B C5BF935
'E<< ?ED D85 =19>C @<E7
+85 =?B5 B56B975B1>D 1> 1@@<91>35 3?>D19>C D85 <1B75B
D85 B??= =ECD 25 9> G8938 D85 1@@<91>35 9C C9DE1D54
#51;9>7 B56B975B1>D 31> 6?B= 1 6<1==12<5 71Cg19B
=9HDEB5 9> B??=C G8938 1B5 D?? C=1<<
ED ?66 D85 @?G5B 3?B4 1>4 49C31B4 G9D8 D85 =19>C
@<E7
)56B975B1D?BC 3?>D19> B56B975B1>DC 1>4 D85 9>CE<1D9?>
3?>D19>C 71C5C
)56B975B1>D 1>4 71C5C =ECD 25 49C@?C54
?6 @B?@5B<I
>CEB5 D81D DE29>7 ?6 D85 B56B975B1>D 39B3E9D
9C>?D 41=1754 @B9?B D? @B?@5B 49C@?C1<
+85 B??= =ECD 25 1D <51CD = @5B 7 ?6 B56B975B1>D
+85 1=?E>D ?6 B56B975B1>D 9> I?EB 1@@<91>35 9C
9>4931D54 ?> D85 B1D9>7 @<1D5 9>C945 D85 1@@<91>35
D
+89C 1@@<91>35 3?>D19>C 1 C=1<< AE1>D9DI ?6
5>F9B?>=5>D1<<Ig6B95>4<I 2ED 6<1==12<5 )1
B56B975B1>D
>CEB5 D81D D85 DE29>7 ?6 D85 B56B975B1>D
39B3E9D 9C >?D 41=1754 4EB9>7 DB1>C@?BD1D9?> 1>4
9>CD1<<1D9?>
#51;9>7 B56B975B1>D =1I 31EC5 5I5
9>:EB95C ?B 97>9D5
&><I 3ECD?=5B C5BF935 =1I 381>75 D85 @?G5B 3?B4
1>4 31BBI ?ED 1>I ?D85B B5@19BC
=@B?@5B 9>CD1<<1D9?>C
1>4 B5@19BC =1I @ED D85 EC5B 1D 3?>C945B12<5 B9C;
9<;>@-:@ 5:2;>9-@5;: C41: A?5:3
@41-<<85-:/1
4580>1: 5: @41 4;A?14;80
D
D
D
D
D
D
D
D
D
D
D
D
D
D
%5F5B EC5 5<53DB931< 1@@<91>35C 9>C945 D85 B56B975B1D?B
5
7
851D5B 5<53DB93 935 =1;5B 5D3
D<8;?5;:
4-F->0
%-) EC5 1 CD51= 3<51>5B D? 456B?CD ?B 3<51> D85
1@@<91>35
+85 CD51= =1I @5>5DB1D5 5<53DB931< @1BDC
1>4 31EC5 1 C8?BDg39B3E9D
&5?7 ;2 181/@>5/ ?4;/7
? >?D EC5 @?9>D54 ?B C81B@g54754 9=@<5=5>DC D?
B5=?F5 6B?CD ?B <1I5BC ?6935
/?E 3?E<4 41=175 D85 B56B975B1>D DE29>7
#51;9>7
B56B975B1>D =1I 97>9D5 ?B31EC5 5I5 9>:EB95C
? >?D CD?B5 @B?4E3DC G8938 3?>D19> 6<1==12<5
@B?@5<<1>DC 5
7
C@B1I 31>C ?B 5H@<?C9F5 CE2CD1>35C
9> D85 1@@<91>35
D<8;?5;: 4-F->0
? >?D CD1>4 ?B CE@@?BD I?EBC5<6 ?> D85 21C5
4B1G5BC ?B 4??BC 5D3
56?B5 456B?CD9>7 1>4 3<51>9>7 D85 1@@<91>35 @E<< ?ED
D85 =19>C @<E7 ?B CG9D38 ?66 D85 6EC5
? >?D @E<< ?ED D85 =19>C @<E7 2I DE779>7 D85 312<5
?DD<5C G8938 3?>D19> 1 8978 @5B35>D175 ?6 1<3?8?<
=ECD 25 C51<54 1>4 CD?B54 9> 1> E@B978D @?C9D9?>
"55@ 389<4B5> 1G1I 6B?= @13;179>7 1>4 9DC @1BDC
1>75B ?6 CE66?31D9?> 6B?= 6?<49>7 31BD?>C 1>4 @<1CD93
69<=
D
? >?D 1<<?G 389<4B5> D? @<1I G9D8 D85 1@@<91>35
D
6 D85 1@@<91>35 651DEB5C 1 <?3; ;55@ D85 ;5I ?ED ?6
D85 B5138 ?6 389<4B5>
1:1>-8 >1=A5>191:@?
+85 1@@<91>35 9C CE9D12<5
D
6?B 6B55J9>7 6??4
D
6?B =1;9>7 935
+85 1@@<91>35 9C 45C97>54 6?B 4?=5CD93 EC5
+85 1@@<91>35 81C 255> 9>D5B65B5>35gCE@@B5CC54
9>3?=@<91>35 G9D8 , 9B53D9F5 +85 B56B975B1>D 39B3E9D 81C 255> D5CD54 6?B <51;C
+89C @B?4E3D 3?=@<95C G9D8 D85 B5<5F1>D C165DI B57E<1D9?>C
6?B 5<53DB931< 1@@<91>35C %
"55@ @<1CD93 @1BDC 1>4 D85 4??B C51< 6B55 ?6 ?9< 1>4
7B51C5
&D85BG9C5 @1BDC 1>4 4??B C51< G9<< 253?=5
@?B?EC
%5F5B 3?F5B ?B 2<?3; D85 F5>D9<1D9?> ?@5>9>7C 6?B
D851@@<91>35
'5?@<5 G8? 81F5 <9=9D54 @8IC931< C5>C?BI?B =5>D1<
129<9D95C ?B 9>145AE1D5 ;>?G<5475 =ECD >?D EC5 D89C
1@@<91>35 E><5CC D85I 1B5 CE@5BF9C54 ?B 79F5>
=5D93E<?EC 9>CDBE3D9?>C
? >?D CD?B5 2?DD<54 ?B 31>>54 4B9>;C 5C@5391<<I
31B2?>1D54 4B9>;C 9> D85 6B55J5B 3?=@1BD=5>D
?DD<5C 1>4 31>C =1I 5H@<?45
%5F5B @ED 6B?J5> 6??4 CDB1978D 6B?= D85 6B55J5B
3?=@1BD=5>D 9>D? I?EB =?ED8
&5?7 ;2 8;CY@19<1>-@A>1 .A>:?
F?94 @B?<?>754 D?E389>7 ?6 6B?J5> 6??4 935 ?B D85
5F1@?B1D?B @9@5C 5D3
&5?7 ;2 8;CY@19<1>-@A>1 .A>:?
:?@-885:3 @41 -<<85-:/1
;::1/@5:3 @41 -<<85-:/1
>CD1<< D85 1@@<91>35 9> 1 4BI G5<< F5>D9<1D54 B??=
+85
9>CD1<<1D9?> <?31D9?> C8?E<4 >59D85B 25 5H@?C54 D? 49B53D
CE><978D >?B >51B 1 851D C?EB35 5
7
13??;5B B1491D?B
5D3
6 9>CD1<<1D9?> >5HD D? 1 851D C?EB35 9C E>1F?9412<5
EC5 1CE9D12<5 9>CE<1D9>7 @<1D5 ?B ?2C5BF5 D85 6?<<?G9>7
=9>9=E= 49CD1>35C D? 1 851D C?EB35
6D5B 9>CD1<<9>7 D85 1@@<91>35 G19D 1D <51CD 8?EB E>D9< D85
1@@<91>35 CD1BDC E@
EB9>7 DB1>C@?BD1D9?> D85 ?9< 9> D85
3?=@B5CC?B =1I 81F5 6<?G54 9>D? D85 B56B975B1D9?>
CICD5=
3= D? 5<53DB93 ?B 71C 3??;5BC
3= D? 1> ?9< ?B C?<94g6E5< 3??;5B
56?B5 CG9D389>7 ?> D85 1@@<91>35 6?B D85 69BCD D9=5 3<51>
D85 9>D5B9?B C55<51>9>7
+85 C?3;5D C8?E<4 25 6B55<I 1335CC92<5
?>>53D D85
1@@<91>35 D? -J 1<D5B>1D9>7 3EBB5>D F91
13?BB53D<I 9>CD1<<54 51BD854 C?3;5D
+85 C?3;5D =ECD
256EC54 G9D8 1 D? 6EC5
6 D85 1@@<91>35 9C D? 25 ?@5B1D54 9> 1 >?>gEB?@51>
3?E>DBI 3853; ?> D85 B1D9>7 @<1D5 G85D85B D85 9>4931D54
F?<D175 1>4 3EBB5>D DI@5 3?BB5C@?>4 D? D85 F1<E5C ?6 I?EB
=19>C CE@@<I
+85 B1D9>7 @<1D5 9C <?31D54 9> D85 B56B975B1D?B
3?=@1BD=5>D 1D D85 2?DD?= <56Dg81>4 C945
+85 @?G5B
3?B4 =1I 25 B5@<1354 2I 1 D538>9391> ?><I
!
+->:5:3
%5F5B 3?>>53D D85 1@@<91>35 D? 5<53DB?>93 5>5B7I C1F5B
@<E7C ?B D? @?G5B 9>F5BD5BC G8938 3?>F5BD D85 49B53D
3EBB5>D D? - 1<D5B>1D9>7 3EBB5>D 5
7
C?<1B 5AE9@g
=5>D @?G5B CE@@<95C ?> C89@C
1@@5:3 @; 7:;C E;A> -<<85-:/1
+85C5 ?@5B1D9>7 9>CDBE3D9?>C 1@@<I D? C5F5B1< =?45<C
+85 4917B1=C =1I 49665B
g 1C391
+85 =19> CG9D38
%? B?CD *ICD5=
#978D #
B55J5B 3?=@1BD=5>D 6<1@
<1CC C85<6
B55J5B 4B1G5B C=1<<
B55J5B 4B1G5B <1B75
-5>D9<1D9?> ?@5>9>7
-?/5-
8->9 .A@@;:
,C54 D? CG9D38 ?66 D85 G1B>9>7 C97>1<
*55 381@D5B 5>D9D<54 K.1B>9>7 C97>1<
G'A<1> .A@@;: 2>11F1> /;9<->@91:@
*G9D385C CE@5B 6B55J9>7 ?>1>4 ?66
(19<1>-@A>1?181/@5;: .A@@;: 2>11F1>
/;9<->@91:@
+85 2EDD?> C5DC D85 D5=@5B1DEB5 9> D85 6B55J5B
3?=@1BD=5>D
(19<1>-@A>1 05?<8-E 2>11F1> /;9<->@91:@
+85 >E=25BC 3?BB5C@?>4 D? D85 C5D 6B55J5B
3?=@1BD=5>D D5=@5B1DEB5C 9> M.
#.?1>B1 -9.51:@ @19<1>-@A>1
-:0B1:@58-@5;:
'C5@/45:3 ;: @41 -<<85-:/1
*G9D38 ?> D85 1@@<91>35 G9D8 D85 =19> CG9D38
+85 1@@<91>35 9C 45C97>54 6?B 1 C@539693 3<9=1D93 3<1CC
BB5C@53D9F5 ?6 D85 3<9=1D93 3<1CC D85 1@@<91>35 31> 25
?@5B1D54 1DD85 6?<<?G9>7 B??= D5=@5B1DEB5C
+85 3<9=1D93 3<1CC 31> 25 6?E>4 ?> D85 B1D9>7 @<1D5 1D D85
2?DD?= <56Dg81>4 C945 9>D85 1@@<91>35
859-@5/ /8-??
'"
M D? M
"
M D? M
'(
M D? M
(
M D? M
G1B>9>7 C97>1< C?E>4C 1>4 <1B= 2EDD?> 1>4
D85D5=@5B1DEB5 49C@<1I 6<1C8
'B5CC <1B= 2EDD?> D? CG9D38 ?66 D85 G1B>9>7 C97>1<
+85 <1B= 2EDD?> 9C <9D 1>4 D85 D5=@5B1DEB5 49C@<1IC 6<1C8
E>D9< D85 1@@<91>35 81C B513854 D85 C5D D5=@5B1DEB5C
#<1>-@5:3 @5<?
D
D
*1:@58-@5;:
?>4E3D9?> ?6 D85 851D54 19B =ECD >?D 25 ?2CDBE3D54
&D85BG9C5 D85 B56B975B1D9>7 E>9D =ECD G?B; 81B45B
+89C9>3B51C5C @?G5B 3?>CE=@D9?>
+85B56?B5 %5F5B 3?F5B ?B 2<?3; F5>D9<1D9?> ?@5>9>7
D
D
.85> D85 6B55J5B 3?=@1BD=5>D 81C B513854 9DC
?@5B1D9>7 D5=@5B1DEB5 D85 D5=@5B1DEB5 49C@<1I
9C<9D3?>D9>E?EC<I
+85 C945C ?6 D85 8?EC9>7 1B5 C?=5D9=5C 851D54
C<978D<I
+89C @B5F5>DC 3?>45>C1D9?> 9> D85 1B51 ?6 D85
4??B C51<
6 I?E 31>>?D ?@5> D85 6B55J5B 3?=@1BD=5>D 4??B
9==5491D5<I 16D5B 3<?C9>7 9D G19D h =9>ED5C E>D9< D85
@1BD91< F13EE= 81C 5AE1<9C54
+85 6E<<I 1ED?=1D93 %?6B?CD CICD5= 5>CEB5C D81D D85
6B55J5B 3?=@1BD=5>D B5=19>C 6B55 ?6 935
56B?CD9>7
9C>? <?>75B B5AE9B54
'181/@5:3 @41 @19<1>-@A>1
>11F1> /;9<->@91:@
31> 25 C5<53D54 6B?= M D? M
"55@ @B5CC9>7 D5=@5B1DEB5 C5<53D9?> 2EDD?> E>D9<
D85B5AE9B54 6B55J5B 3?=@1BD=5>D D5=@5B1DEB5 9C C5D
+85F1<E5 <1CD C5<53D54 9C CD?B54
+85 C5D D5=@5B1DEB5 9C 9>4931D54 ?> 49C@<1I
.5 B53?==5>4 1 C5DD9>7 ?6 M 9> D85 6B55J5B
3?=@1BD=5>D
+->:5:3 ?53:-8
'C5@/45:3 ;22 @41 C->:5:3 ?53:-8
(4-C C->:5:3
6 D85 <1B= 2EDD?> 9C @B5CC54 D85 G1B>9>7 C97>1<
CG9D385C ?66 1>4 D85 49C@<1I 9C B5C5D D? CD1>42I
6 D1CD5 ?4?EB 1>4 1@@51B1>35 81F5 >?D 381>754
D856??4 31> 25 2?9<54 ?B 6B954 1>4 D85> B56B?J5>
;;> C->:5:3 ?53:-8
%? <?>75B CD?B5 D85 6B?J5> @B?4E35 6?B D85 =1H
CD?B175
@5B9?4
+85 4??B G1B>9>7 C97>1< CG9D385C ?> 96 D85 1@@<91>35 4??B
9C <56D ?@5> 6?B <?>75B D81> ?>5 =9>ED5
<?>7gD5B=
G1B>9>7 C97>1< C?E>4C
(19<1>-@A>1 C->:5:3
+85 D5=@5B1DEB5 G1B>9>7 C97>1< CG9D385C ?> 96 D85 6B55J5B
3?=@1BD=5>D 9C D?? G1B=
255@9>7 C97>1< C?E>4C
8->9
.A@@;:
(19<1>-@A>1 D<8-:-@5;:
05?<8-E
9<<E=9>1D5C 6<1C85C
6<1C85C
(4-C C->:5:3
B?J5> 6??4 5? 1D B9C; ?6
D81G9>7
6<1C85C
9<<E=9>1D5C
(4-C C->:5:3
D C?=5 D9=5 D85 6B55J5B
3?=@1BD=5>D C-? D?? G1B=
B?J5> 6??4 9C 1D B9C; ?6
D81G9>7
+85 G1B>9>7 C97>1< =1I CG9D38 ?> G9D8?ED 1>I B9C; D? D85
6B?J5> 6??4
D
.85> D85 1@@<91>35 9C CG9D3854 ?>
D
G85> <1B75 AE1>D9D95C ?6 6B5C8 6??4 1B5 @<1354 9> D85
1@@<91>35
D
96 D85 6B55J5B 3?=@1BD=5>D 4??B 9C ?@5> D?? <?>7
(19<1>-@A>1 C->:5:3
B?J5> 6??4 9C >?D 1D B9C;
?6D81G9>7
6<1C85C
(19<1>-@A>1 C->:5:3
)?-.81 /-<-/5@E
>6?B=1D9?> ?> D85 EC12<5 31@139DI 31> 25 6?E>4 9>C945
I?EB 1@@<91>35 ?> D85 B1D9>7 @<1D5
>11F5:3 -:0 ?@;>5:3 2;;0
$A>/4-?5:3 011<Y2>;F1: 2;;0
D
+? 9>C5BD D85 6B55J5B 4B1G5B G9D8 D5<5C3?@93 B19<C
D85B19<C =ECD 25 @E<<54 ?ED
D
&@5> 6B55J5B 3?=@1BD=5>D 6<1@ 8?<4 ?>5 ?6 D85
251B9>7 @9>C 1>4 B5=?F5 6<1@
'13;179>7 =ECD >?D 25 41=1754
,C5 2I D85 25CDg256?B5 41D5
+5=@5B1DEB5 9> D85 CE@5B=1B;5D 6B55J5B h° ?B <?G5B
6 @?CC92<5 DB1>C@?BD 455@g6B?J5> 6??4 9> 1> 9>CE<1D54
217 1>4 @<135 AE93;<I 9> D85 6B55J5B 3?=@1BD=5>D
'@;>5:3 2>;F1: 2;;0
+? 5>CEB5 7??4 19B 39B3E<1D9?> 9> D85 1@@<91>35 9>C5BD D85
6B55J5B 4B1G5BC 1<< D85 G1I
'B565B12<I 6B55J5 <1B75 AE1>D9D95C ?6 6??4 9> D85 D?@
3?=@1BD=5>DC G85B5 6??4 6B55J5C @1BD93E<1B<I AE93;<I
1>4 D85B56?B5 1<C? 75>D<I
? >?D 3?F5B D85 F5>D9<1D9?> C<?DC ?> D85 B51B @1>5< G9D8
6B?J5> 6??4
6 1 <1B75 AE1>D9DI ?6 6??4 9C D? 25 @<1354 9> D85 6B55J5B
3?=@1BD=5>D D85 6??4 31> 25 CD13;54 49B53D<I ?> D85
7<1CC C85<F5C 1>4 9> D85 2?DD?= ?6 D85 6B55J5B
3?=@1BD=5>D
+? 4? D89C ?@5> 1<< 6B55J5B 3?=@1BD=5>D
6<1@C 1>4 D1;5 6B55J5B 4B1G5BC ?ED ?6 D85 1@@<91>35
D
'E<< ?ED D85 6B55J5B 4B1G5BC 1<< D85 G1I <96D 1D D85 6B?>D
1>4 B5=?F5
>11F5:3 2>1?4 2;;0
>11F5:3 2;;0
>11F5:3 2;;0 E;A>?182
B55J5 6B5C8 E>41=1754 6??4 ?><I
6 I?E 1B5 6B55J9>7 6??4 I?EBC5<6 EC5 ?><I 6B5C8
E>41=1754 6??4
"55@ 6??4 G8938 9C D? 25 6B?J5> 1G1I 6B?= 6??4 G8938
9C1<B514I 6B?J5>
(41 2;88;C5:3 2;;0? ->1 [email protected] 2;> 2>11F5:3
+? @B5F5>D 6??4 6B?= <?C9>7 9DC 6<1F?EB ?B 4BI9>7 ?ED @<135
9> 19BD978D 3?>D19>5BC
$51D 1>4 C1EC175 @B?4E3DC @?E<DBI 1>4 71=5 69C8
F575D12<5C 85B2C 6BE9D 31;5C 1>4 @1CDB95C @9JJ1
B514I=51<C <56D?F5BC 577 I?<; 1>4 577gG89D5
!-D 2>11F5:3 /-<-/5@E
(41 2;88;C5:3 2;;0? ->1 :;@ [email protected] 2;> 2>11F5:3
77C 9> C85<<C C?EB54 3B51= 1>4 =1I?>>19C5
7B55>C1<14C B149C85C 1>4 ?>9?>C
8-:/45:3 [email protected]? -:0 2>A5@
+? B5D19> 3?<?EB 6<1F?EB 1B?=1 1>4 F9D1=9> F575D12<5C 1>4 6BE9DC C8?E<4 25 2<1>3854 @B9?B
D?6B55J9>7
<1>389>7 9C D85 2B956 9==5BC9?> ?6 F575D12<5C 1>4 6BE9D
9>2?9<9>7 G1D5B
#9D5B1DEB5 ?> 6B55J9>7 1>4 2<1>389>7 9C 1F19<12<5
9>2??;C8?@C
>6?B=1D9?> 12?ED D85 =1H
6B55J9>7 31@139DI G9D89>
8?EBC 31> 25 6?E>4 ?> D85 B1D9>7 @<1D5
$-/75:3 2;;0 /;>>1/@8E
'<135 D85 6??4 9> D85 GB1@@9>7
'B5CC ?ED 19B
*51< D85 GB1@@9>7
#125< D85 GB1@@9>7 G9D8 D85 3?>D5>DC 1>4 41D5
(41 2;88;C5:3 <>;0A/@? ->1 [email protected] 2;> C>-<<5:3
2;;0
'<1CD93 69<= @?<I5D8I<5>5 2<?G> 69<= 1<E=9>9E= 6?9< 1>4
6B55J5B D9>C
+85C5 @B?4E3DC 1B5 1F19<12<5 6B?= C@5391<9CD
?ED<5DC
(41 2;88;C5:3 <>;0A/@? ->1 :;@ [email protected] 2;> C>-<<5:3
2;;0
.B1@@9>7 @1@5B 7B51C5@B??6 @1@5B 35<<?@81>5 29>
<9>5BC 1>4 EC54 C8?@@9>7 217C
(41 2;88;C5:3 <>;0A/@? ->1 [email protected] 2;> ?1-85:3
@41C>-<<10 2;;0
)E225B 21>4C @<1CD93 3<9@C CDB9>7 3?<4gB5C9CD1>D
1485C9F5 D1@5 ?B C9=9<1B
17C 1>4 @?<I5D8I<5>5 2<?G>
69<= 31> 25 C51<54 G9D8 1 69<= C51<5B
'4182 8521 ;2 2>;F1: 2;;0
5@5>4C ?> D85 DI@5 ?6 6??4
D 1 D5=@5B1DEB5 C5DD9>7
?6M
D
9C8 C1EC175 B514I =51<C 1>4 31;5C 1>4 @1CDB95C
E@ D? =?>D8C
D
855C5 @?E<DBI 1>4 =51D
E@ D? =?>D8C
D
-575D12<5C 1>4 6BE9D
E@ D? =?>D8C
'A<1> 2>11F5:3
??4 C8?E<4 25 6B?J5> C?<94 1C AE93;<I 1C @?CC92<5 9>
?B45B D? B5D19> F9D1=9>C >EDB9D9?>1< F1<E5 1@@51B1>35 1>4
6<1F?EB
/1 /A.1 @>-E
+? @B5F5>D 1> E>45C9B12<5 D5=@5B1DEB5 B9C5 G85> @<139>7
6B5C8 6??4 9> D85 6B55J5B 3?=@1BD=5>D CG9D38 ?> CE@5B
6B55J9>7 C5F5B1< 8?EBC 256?B581>4
'C5@/45:3 ;: -:0 ;22
'B5CC KCE@5B“ 2EDD?> 6 D85 CE@5B 6B55J9>7 81C 255> CG9D3854 ?> D85 2EDD?>
9C<9D
*E@5B 6B55J9>7 1ED?=1D931<<I CG9D385C ?66 16D5B
1@@B?H
O41IC
";@1
.85> CE@5B 6B55J9>7 9C CG9D3854 ?> 9>3B51C54 ?@5B1D9>7
>?9C5C =1I ?33EB
9<< D85 935 3E25 DB1I P 6E<< ?6 G1D5B 1>4 @<135 9> D85
6B55J5B 3?=@1BD=5>D
6 D85 935 DB1I 9C CDE3; D? D85 6B55J5B 3?=@1BD=5>D <??C5>
G9D8 1 2<E>D 9=@<5=5>D ?><I C@??>g81>4<5
+? <??C5> D85 935 3E25C DG9CD D85 935 DB1I C<978D<I ?B 8?<4
2B956<I E>45B 6<?G9>7 G1D5B
1-@A>1? ;2 @41 2>11F1> /;9<->@91:@
>?D 1<< =?45<C
/1 .8;/7
(4-C5:3 2>;F1: 2;;0
5@5>49>7 ?> D85 DI@5 ?6 6??4 1>4 9>D5>454 EC5
6B?J5>@B?4E35 31> 25 D81G54 1C 6?<<?GC
D
D B??= D5=@5B1DEB5
D
> D85 B56B975B1D?B
D
> 1> 5<53DB93 ?F5> G9D8G9D8?ED 61> 1CC9CD54 8?Dg19B
D
> D85 =93B?G1F5
";@1
? %&+ B56B55J5 6??4 G8938 9C 2579>>9>7 D? D81G ?B
G8938 81C 1<B514I D81G54
D 31> ?><I 25 B56B?J5> G85>
9D81C 255> EC54 D? @B5@1B5 1 B514I =51< 2?9<54 ?B 6B954
6 1 @?G5B 619<EB5 ?B =1<6E>3D9?> ?33EBC D85 935 2<?3;C
31> 25 EC54 D? C<?G 4?G> D85 D81G9>7 @B?35CC
+85 935 2<?3;C 31> 1<C? 25 EC54 D? 3??< 6??4 D5=@?B1B9<I
5
7
9>1 3?<4 217
%? <?>75B CD?B5 D85 6B?J5> @B?4E35 6?B D85 =1H
CD?B175
@5B9?4
'C5@/45:3 ;22 @41 -<<85-:/1
81-:5:3 @41 -<<85-:/1
'B5CC =19> CG9D38
)56B975B1D9>7 E>9D 1>4 9>D5B9?B <978D CG9D38 ?66
@@1:@5;:
5?/;::1/@5:3 @41 -<<85-:/1
6 I?E 4? >?D EC5 D85 1@@<91>35 6?B 1 @B?<?>754 @5B9?4
*G9D38 ?66 D85 1@@<91>35
? >?D EC5 12B1C9F5 38<?B945 ?B 139493 3<51>9>7 175>DC
?BC?<F5>DC
? >?D EC5 C3?EB9>7 ?B 12B1C9F5 C@?>75C
+85 =5D1<<93
CEB6135C 9> D85 1@@<91>35 3?E<4 3?BB?45
'E<< ?ED D85 =19>C @<E7 ?B CG9D38 ?66 D85 6EC5
%5F5B 3<51> C85<F5C 1>4 3?>D19>5BC 9> D85 49C8G1C85B
+85 @1BDC =1I G1B@
<51>9>7 D85 1@@<91>35
(-71 ;A@ 38-?? ?418B1?
#51F5 D85 1@@<91>35 4??B ?@5>
12>;?@5:3
>11F1> /;9<->@91:@
+85 6E<<I 1ED?=1D93 %?6B?CD CICD5= 5>CEB5C D81D
D856B55J5B 3?=@1BD=5>D B5=19>C 6B55 ?6 935
56B?CD9>7 9C >? <?>75B B5AE9B54
D
56?B5 3<51>9>7 *G9D38 ?66 D85 1@@<91>35
D
'E<< ?ED D85 =19>C @<E7 ?B CG9D38 ?66 D85 6EC5
D
+1;5 ?ED D85 6B?J5> 6??4 1>4 CD?B5 9> 1 3??< <?31D9?>
'<135 D85 935 2<?3; 96 5>3<?C54 ?> D85 6??4
D
<51> D85 1@@<91>35 G9D8 1 C?6D 3<?D8 <E;5G1B= G1D5B
1>4 1 <9DD<5 @g>5EDB1< G1C89>7gE@ <9AE94
+85 B9>C9>7
G1D5B =ECD >?D BE> 9>D? D85 <978D
D
.9@5 D85 4??B C51< G9D8 3<51B G1D5B ?><I 1>4 D85>
G9@5 4BI D8?B?E78<I
D
6D5B 3<51>9>7 B53?>>53D 1>4 CG9D38 ?> D85
1@@<91>35
534@ #<1>-@5:3 :;5?1?
/?EB 1@@<91>35 651DEB5C 1 =19>D5>1>35g6B55 # <978D
%A5@1 :;>9-8 :;5?1?
-A@5;: 8534@
A995:3 B56B975B1D9>7 E>9D 9C BE>>9>7
<1CC $ <1C5B <978D9>7 *D1>41B4
? >?D <??; 49B53D<I 9>D? D85 <978D9>7 G9D8 ?@D931<
9>CDBE=5>DC
)9C; ?6 5I5 9>:EBI
A..85:3 3A>385:3 ?B C45>>5:3 :;5?1? B56B975B1>D
9C6<?G9>7 D8B?E78 D85 DE29>7
85/75:3 =?D?B 9C CG9D389>7 ?> ?B ?66
+85C5 <978DC =1I 25 B5@19B54 2I 3ECD?=5B C5BF935
?B1ED8?B9C54 D538>9391>C ?><I
$>1B1:@5:3 :;5?1?
(41 -<<85-:/1 5? :;@ 81B18
(5<? 2;> ?-B5:3 1:1>3E
D
D
D
D
D
>CD1<< D85 1@@<91>35 9> 1 4BI G5<< F5>D9<1D54 B??= 2ED
>?D 9> 49B53D CE><978D 1>4 >?D >51B 1 851D C?EB35 5
7
B1491D?B 3??;5B 5D3
6 B5AE9B54 EC5 1> 9>CE<1D9>7
@<1D5
&@5> D85 1@@<91>35 4??BC 1C 2B956<I 1C @?CC92<5
+85 F5>D9<1D9?> ?@5>9>7 9> D85 21C5 C8?E<4 25
3<51>54 ?331C9?>1<<I G9D8 1 F13EE= 3<51>5B ?B @19>D
2BEC8 D? @B5F5>D 9>3B51C54 @?G5B 3?>CE=@D9?>
'<51C5 1<97> D85 9>CD1<<1D9?> 31F9DI G9D8 1 C@9B9D <5F5<
+? 4? D89C EC5 D85 85978Dg14:ECD12<5 655D ?6 D85 31F9DI
?B@<135 C?=5D89>7 E>45B>51D8
>-C1>? .-?71@? ;> ?@;>-31 ->1-? C;..81 ;> ?@5/7
'<51C5 3853; D85 B5=?F12<5 @1BDC 1>4 B5g9>C5BD D85=
96B5AE9B54
&1/1<@-/81? ->1 @;A/45:3 1-/4 ;@41>
$?F5 D85 B535@D13<5C C<978D<I 1G1I 6B?= 5138 ?D85B
<<?G G1B= 6??4 D? 3??< 4?G> 256?B5 @<139>7 9D 9> D85
6B55J5B
.85> D81G9>7 6B?J5> 6??4 @<135 9D 9> D85 B56B975B1D?B
3?=@1BD=5>D
,C5 D85 3?<4>5CC ?6 D85 6B?J5> 6??4
D?3??< 6??4
8595:-@5:3 95:;> 2-A8@? E;A>?182
12;>1 E;A /-88 /A?@;91> ?1>B5/1
'<51C5 3853; G85D85B I?E 31> 5<9=9>1D5 D85 61E<D I?EBC5<6 21C54 ?> D85 6?<<?G9>7 9>6?B=1D9?>
/?E =ECD @1I 6?B 3ECD?=5B C5BF935 14F935 h 5F5> 4EB9>7 D85 G1BB1>DI @5B9?4
-A8@
$;??5.81 /-A?1
(19<1>-@A>1 05221>?
3>1-@8E 2>;9 @41 ?1@
B-8A1
&19105-8 -/@5;:
> C?=5 31C5C 9D 9C 145AE1D5 D? CG9D38 ?66 D85
1@@<91>35 6?B =9>ED5C
6 D85 D5=@5B1DEB5 9C D?? 4534 G19D 1 65G 8?EBC 1>4
3853; G85D85B D85 D5=@5B1DEB5 81C 1@@B?13854 D85
C5D F1<E5
6 D85 D5=@5B1DEB5 9C D?? 8;C 3853; D85 D5=@5B1DEB5
1719> D85 >5HD 41I
5?<8-E? 0; :;@
588A95:-@1
'?G5B 619<EB5 D85 6EC5 81C 255>
CG9D3854 ?66 D85 =19>C @<E7 81C
>?D 255> 9>C5BD54 @B?@5B<I
853; G85D85B D85 @?G5B 9C ?> D85 6EC5 =ECD 25
CG9D3854 ?>
853; G85D85B D85 @?G5B 9C ?> 3853; D85 6EC5C
(41 >12>531>-@5:3 A:5@
5??C5@/45:3 ;: 9;>1
2>1=A1:@8E -:0 2;>
8;:31>
+85 F5>D9<1D9?> ?@5>9>7 9C 3?F5B54
<<85-:/1 5? :;@ /;;85:3 '?G5B 619<EB5
5?<8-E? 0; :;@
D
+85 6EC5 81C DB9@@54
588A95:-@1
D
<<85-:/1 5? :;@
/;;85:3 @19<1>-@A>1
05?<8-E 8-9<? -:0
5:@1>5;> 8534@ ->1 85@
)5=?F5 ?2CD13<5C
'B5CC =19> CG9D38 *55 381@D5B K5DD9>7 D? ;>?G
I?EB 1@@<91>35
+85 =19>C @<E7 81C >?D 255>
9>C5BD54 @B?@5B<I
*8?GB??= =?45 9C CG9D3854 ?>
?<4 4?G> <1B= 2EDD?> 6?B C53?>4C E>D9<
1>13;>?G<5475=5>D C97>1< C?E>4C
*55 381@D5B K1C391
6D5B 1 C8?BD D9=5 3853; G85D85B I?EB 1@@<91>35 9C
3??<9>7
(41 5:@1>5;> 8534@ 5? :;@
2A:/@5;:5:3
(19<1>-@A>1 05?<8-E
8534@? ->1 28-?45:3
+85 # <978D 9C 45653D9F5
*55 381@D5B K#978D # C53D9?>
??B G1C ?@5> D?? <?>7
#978D CG9D385C ?66 16D5B
1@@B?H
=9>
.85> D85 4??B 9C 3<?C54 1>4 ?@5>54
D85 <978D 9C ?> 1719>
@@<91>35 4??B ?@5>54 6B5AE5>D<I
? >?D ?@5> D85 4??B E>>535CC1B9<I
<?D ?6 6??4 G1C @<1354 9> D85
6B55J5B
*G9D38 ?> CE@5B 6B55J9>7 256?B5 9>C5BD9>7 D85 6??4
+->:5:3 ?53:-8 ?;A:0? 1E<D h D85 6B55J5B 3?=@1BD=5>D 9C
-:0 @41 @19<1>-@A>1
D?? G1B=
05?<8-E 8-9< 5? 28-?45:3 >;F1: 2;;0 5? -@ >5?7
*55 381@D5B 5>D9D<54 K.1B>9>7 C97>1<
A?@;91> ?1>B5/1
/?EB <?31< 3ECD?=5B C5BF935 31> 25 6?E>4 9> D85
D5<5@8?>5 49B53D?BI ?B 9> D85 3ECD?=5B C5BF935 9>45H
'<51C5 @B?F945 3ECD?=5B C5BF935 G9D8 D85 1@@<91>35
@B?4E3D >E=25B g%B
1>4 @B?4E3D9?> >E=25B g%B
E - Nr
FD - Nr
+89C 9>6?B=1D9?> 31> 25 6?E>4 ?> D85 @B?4E3D <125<
+? @B5F5>D E>>535CC1BI 31<<g?EDC @<51C5 1CC9CD 3ECD?=5B
C5BF935 2I AE?D9>7 D85 @B?4E3D 1>4 @B?4E3D9?> >E=25BC
+89C G9<< C1F5 I?E 1449D9?>1< 3?CDC
2>
(-.81 01 9-@5O>1?
;:?158? <;A> 8- 95?1 -A >1.A@ ;:?53:1? 01 ?P/A>5@P 1@-B1>@5??191:@? :?@-88-@5;: 018-<<->158 >-:/4191:@ 01 8-<<->158 $>P?1:@-@5;: 01 8-<<->158 -:01-A 01 /;99-:01 ;:@>T81> 8- @19<P>-@A>1 -9.5-:@1 1@8-P>-@5;:
:/81:/4191:@ 01 8-<<->158 &P38-31 01 8- @19<P>-@A>1 8->91 ?;:;>1 ;:@1:-:/1 A@581 ;:3P8-@5;: 1@ >-:3191:@ ;:3P8-@5;: 01 <>;0A5@? 2>-5? ;:3181> 81? -8591:@? 'A<1>/;:3P8-@5;: J=A5<191:@ 0A /;9<->@591:@ /;:3P8-@1A> P/;:3P8-@5;: 01? <>;0A5@? ;A<A>1 01 8-<<->158 '5 B;A? 0P35B>1F 8-<<->158 "1@@;E-31 01 8-<<->158 J/8-5>-31 /;:;951? 0P:1>351 >A5@? 01 2;:/@5;::191:@ &19P051> ?;5 9Q91 -AD <1@5@1? <-::1? '1>B5/1 -<>O?YB1:@1 ;:?158? <;A> 8- 95?1 -A >1.A@
;:?53:1? 01 ?P/A>5@P
1@-B1>@5??191:@?
x !5?1 -A >1.A@ 01 819.-88-31
#5=21<<175 @B?DY75 F?DB5 1@@1B59< 3?>DB5 <5C 4Z7VDC AE9<
@?EBB19D CE29B 5> 3?EBC 45 DB1>C@?BD
+?EC <5C =1DZB91EH
AE9 <5 3?>CD9DE5>D C?>D 3?=@1D92<5C 1F53 <5>F9B?>>5=5>D
5D B53I3<12<5C
945Jg>?EC U B53I3<5B <5=21<<175 5>
B5C@53D1>D <5>F9B?>>5=5>D
'?EB C1F?9B 3?==5>D F?EC 4Z21BB1CC5B 45 <5=21<<175
F5E9<<5J 3?>CE<D5B F?DB5 B5F5>45EB ?E <5C C5BF935C 14=9>9g
CDB1D96C 45 F?DB5 =19B95
x !5?1 -A >1.A@ 01 8-:/51: -<<->158
#5C 1@@1B59<C EC17ZC >5 C?>D @1C 45C 4Z385DC C1>C
F1<5EB
#5EB Z<9=9>1D9?> 41>C <5 B5C@53D 45 <5>F9B?>>5=5>D
@5B=5D 45> BZ3E@ZB5B 45 @BZ395EC5C =1D9YB5C
@B5=9YB5C
B-:@ 01 91@@>1 8-<<->158 1: ?1>B5/1
-5E9<<5J <9B5 1DD5>D9F5=5>D 5D 5>D9YB5=5>D <5C 9>6?B=1D9?>C
697EB1>D 41>C <5C >?D935C 4ED9<9C1D9?> 5D 45 =?>D175
<<5 3?>D95>>5>D 45C B5=1BAE5C 9=@?BD1>D5C 3?>35B>1>D
<9>CD1<<1D9?> <ED9<9C1D9?> 5D <5>DB5D95> 45 <1@@1B59<
?>C5BF5J D?ED5 <1 4?3E=5>D1D9?> @?EB @?EF?9B
<13?>CE<D5B U >?EF51E E<DZB95EB5=5>D ?E C9 <1@@1B59< 4?9D
381>75B E> :?EB 45 @B?@B9ZD19B5
'P/A>5@P @1/4:5=A1
D
5D 1@@1B59< 5CD =1BAEZ C5<?> <1 49B53D9F5
5EB?@Z5>>5 B5<1D9F5 1EH 1@@1B59<C
Z<53DB9AE5C 5D Z<53DB?>9AE5C EC17ZC G1CD5 5<53DB931<
1>4 5<53DB?>93 5AE9@=5>D h .
#1 49B53D9F5 4Z69>9D <5 314B5 @?EB E>5 B5@B9C5 5D E>5
BZ3E@ZB1D9?> 45C 1@@1B59<C EC17ZC 1@@<9312<5C 41>C
<5C@1IC 45 <1 5D 1@@1B59< 3?>D95>D E>5 @5D9D5 AE1>D9DZ 4E> 6<E945
BZ6B97ZB1>D Z3?<?79AE5 =19C 9>6<1==12<5 <5 ) 1
'5>41>D <5 DB1>C@?BD 5D <1 =9C5 5> @<135 45 <1@@1B59<
F59<<5J U >5 @1C 5>4?==175B <5C DEI1ED5B95C 4E
39B3E9D 6B97?B969AE5
*9 <5 6<E945 BZ6B97ZB1>D :19<<9D 9< @5ED
@B?F?AE5B 45C <ZC9?>C ?3E<19B5C ?E C5>6<1==5B
'5 8-<<->158 1?@ 1:0;99-3P
5 <1@@1B59< Z<?97>5J D?ED5 6<1==5 >E5 ?E
C?EB35 49>6<1==1D9?>
Z2B1>385J <1 69385 =V<5 45 <1 @B9C5 45 3?EB1>D
ZB5J 295> <1 @9Y35 @5>41>D AE5<AE5C =9>ED5C
!
@@1:@5;:
'BZF5>5J <5 C5BF935 1@BYCgF5>D5
F1>D 45 =5DDB5 1E B52ED <1@@1B59< AE9 >5 C5BD @<EC '<EC <1@@1B59< 3?>D95>D 4E 6<E945 BZ6B97ZB1>D 5D @<EC
7B1>45 4?9D [DB5 <1 @9Y35 41>C <1AE5<<5 9< C5 DB?EF5
1>C <5C @9Y35C DB?@ @5D9D5C E> =Z<1>75 71Jg19B
9>6<1==12<5 @5ED C5 6?B=5B 5> 31C 45 6E9D5
Z2B1>385J <1 69385 =V<5 45 <1 @B9C5 45 3?EB1>D
*53D9?>>5J <5 3?B4?> 41<9=5>D1D9?> @E9C 5><5F5Jg<5
1F53 <1 69385 =V<5
#5C 1@@1B59<C 6B97?B969AE5C 3?>D95>>5>D 45C 6<E945C
6B97?B97Y>5C 5D 45C 71J 9C?<1>DC AE9 >Z35CC9D5>D E>5 =9C5
1E B52ED 14ZAE1D5
-59<<5J U 35 AE5 <5C DEI1EH 4E 39B3E9D
6B97?B969AE5 45 F?DB5 1@@1B59< >5 C?95>D @1C 5>4?==17ZC
:ECAEU C?> Z<9=9>1D9?> 41>C <5C BY7<5C 45 <1BD
!ECAEU
<5><YF5=5>D 45 <1@@1B59< F59<<5J 295> U 35 AE5 C?>
39B3E9D 6B97?B969AE5 >5 C?9D @1C 5>4?==17Z
?=@D5J = 45 F?<E=5 =9>9=E= 45 <1 @9Y35 @?EB
7 45 6<E945 BZ6B97ZB1>D
#1 AE1>D9DZ 45 6<E945
@BZC5>D5 41>C <1@@1B59< 5CD 9>49AEZ5 CEB <1 @<1AE5
C97>1<ZD9AE5 C9DEZ5 U <9>DZB95EB 45 35 45B>95B
D
#5 381>75=5>D 45 3?B4?> 41<9=5>D1D9?> 5D 41EDB5C
BZ@1B1D9?>C C?>D 5H3<EC9F5=5>D BZC5BFZ5C 1E C5BF935
1@BYCgF5>D5
#5C 9>CD1<<1D9?>C 5D BZ@1B1D9?>C
9>5H@5BD5C @5EF5>D 5>75>4B5B 45C B9CAE5C
3?>C94ZB12<5C @?EB <ED9<9C1D5EB
$1:0-:@ 8A@585?-@5;:
D
D
%ED9<9C5J @1C 41@@1B59<C Z<53DB9AE5C U <9>DZB95EB
45<1@@1B59< @1B 5H
1@@1B59<C 45 381E66175
=1389>5 U 7<1X?>C 5D3
&5?=A1 01D<8;?5;: D
D
%5 4Z79FB5J >9 >5 >5DD?I5J :1=19C <1@@1B59< 1F53
E>>5DD?I5EB U F1@5EB
#1 F1@5EB B9CAE5 41DD59>4B5
45C @9Y35C Z<53DB9AE5C 5D 45 @B?F?AE5B E>
3?EBDg39B3E9D
&5?=A1? 0P81/@>;/A@5;: D
D
D
D
D
D
D
D
D
'?EB 4ZD1385B <5 79FB5 ?E <5C 3?E385C 45 7<135
>ED9<9C5J :1=19C 4?2:5DC @?9>DEC ?E @BZC5>D1>D 45C
1B[D5C F9F5C
-?EC B9CAE5B95J 45>4?==175B <5C DEI1EH 45 6<E945
BZ6B97ZB1>D
#5 6<E945 BZ6B97ZB1>D 5> DB19> 45 :19<<9B B9CAE5
45 C5>6<1==5B ?E 45 @B?F?AE5B 45C <ZC9?>C
?3E<19B5C
'?EB 4Z79FB5B 5D >5DD?I5B <1@@1B59< 4Z2B1>385J
<169385 =V<5 45 <1 @B9C5 45 3?EB1>D ?E B5D9B5J
<56EC92<5 4ZC1B=5J <5 49C:?>3D5EB
'?EB 4Z2B1>385B <1@@1B59< D9B5J CEB <1 69385 =V<5
5D>?> @1C CEB C?> 3?B4?>
*D?3;5J <5C 2?9CC?>C 6?BD5=5>D 1<3??<9CZ5C 5>
@?C9D9?> F5BD931<5 41>C 45C BZ39@95>DC 295> 65B=ZC
#8E9<5 5D <1 7B19CC5 >5 4?9F5>D @1C 5>DB5B 5> 3?>D13D
1F53 <5C @1BD95C 5> =1D9YB5C @<1CD9AE5C 5D <5 :?9>D 45
@?BD5
5C 45B>95BC @?EBB195>D C9>?> 45F5>9B @?B5EH
%5 B53?EFB5J 5D >?2CDBE5J :1=19C <5C ?B96935C
45F5>D9<1D9?> 45 <1@@1B59<
#ED9<9C1D9?> 45 35D 1@@1B59< @1B 45C @5BC?>>5C
@BZC5>D1>D 45C 31@139DZC @8IC9AE5C C5>C?B95<<5C ?E
@CI389AE5C B5CDB59>D5C ?E >5 4ZD5>1>D @1C <5C
3?>>19CC1>35C F?E<E5C 45FB1 C5 4ZB?E<5B C?EC
CEBF59<<1>35 ?E 1@BYC <5EB 1F?9B 6?EB>9 45C 9>CDBE3D9?>C
4ZD19<<Z5C
%5 @?BD5J :1=19C 45C @B?4E9DC CEB75<ZC U <1 2?E385
9==Z491D5=5>D 1@BYC <5C 1F?9B C?BD95C 4E
3?=@1BD9=5>D 3?>7Z<1D5EB
&5?=A1 01 318A>1? QF9D5J D?ED 3?>D13D @B?<?>7Z 45C =19>C 1F53 <5C
@B?4E9DC CEB75<ZC 1F53 <1 7<135 ?E <5C 3?>4E9D5C 45
<ZF1@?B1D5EB
&5?=A1 01 318A>1? 1? 1:2-:@? 1@ 8-<<->158
D
%5 CD?3;5J 41>C <1@@1B59< >9 @B?4E9DC 3?>D5>1>D
45C71J @B?@E<C5EBC 9>6<1==12<5C @1B5H
2?=25C
1ZB?C?<C >9 @B?4E9DC 5H@<?C96C
&5?=A1 01D<8;?5;: %5 F?EC C5BF5J @1C 45C C?3<5C 3<1I5DD5C 5D @?BD5C
3?==5 =1B385@954C ?E @?EB F?EC 1@@EI5B
1>C <5 3?=@1BD9=5>D 3?>7Z<1D5EB >5 CD?3;5J @1C
45 2?9CC?>C 71J5EC5C 5> @1BD93E<95B 5> 2?ED59<<5C
?E5> 2?^D5C 31B 5<<5C Z3<1D5B195>D
#5C 2?ED59<<5C
5D<5C 2?^D5C B9CAE5B195>D 4Z3<1D5B %5 @5B=5DD5J :1=19C 1EH 5>61>DC 45 :?E5B 1F53
<5=21<<175 5D C5C @9Y35C 3?>CD9DED9F5C
<C B9CAE5>D
45CZD?E665B 1F53 <5C 31BD?>C @<91>DC 5D <5C 65E9<<5C
45@<1CD9AE5 D
#1@@1B59< >5CD @1C E> :?E5D Z<?97>5J <5C 5>61>DC
D
*9 <1@@1B59< 5CD ZAE9@Z 4E>5 C5BBEB5 B1>75J<13<Z8?BC 45 @?BDZ5 45C 5>61>DC
5?<;?5@5;:? 3P:P>-81?
#1@@1B59< 3?>F95>D @?EB
D
3?>75<5B 45C @B?4E9DC 1<9=5>D19B5C
D
'BZ@1B5B 45C 7<1X?>C
5D 1@@1B59< 5CD 45CD9>Z U E> EC175 4?=5CD9AE5
#1@@1B59< 1 ZDZ 1>D9@1B1C9DZ 3?>6?B=Z=5>D U <1 49B53D9F5
, #5 39B3E9D 6B97?B969AE5 1 CE29 E> 3?>DBb<5 4ZD1>38Z9DZ
5 @B?4E9D 5CD 3?>6?B=5 1EH 49C@?C9D9?>C 45 CZ3EB9DZ
1@@<9312<5C 1EH 1@@1B59<C Z<53DB9AE5C %
:?@-88-@5;: 018-<<->158
>-:/4191:@ 01 8-<<->158
,> <?31< C53 5D 1ZB12<5 3?>F95>D @?EB 9>CD1<<5B <1@@1B59<
F9D5J 45 @<135B <1@@1B59< U E> 5>4B?9D 49B53D5=5>D
5H@?CZ 1EH B1I?>C C?<19B5C ?E U @B?H9=9DZ 4E>5 C?EB35
45 381<5EB D5<<5 E>5 3E9C9>9YB5 E>B1491D5EB 5D3
*9
<9>CD1<<1D9?> @BYC 4E>5 C?EB35 45 381<5EB 5CD 9>ZF9D12<5
ED9<9C5J E>5 @<1AE5 9C?<1>D5 1@@B?@B9Z5 ?EB5C@53D5J <5C
49CD1>35C =9>9=1<5C CE9F1>D5C
@BYC <9>CD1<<1D9?> 45 <1@@1B59< 5> @?C9D9?> F5BD931<5
1DD5>45J 1E =?9>C E>5 85EB5 1F1>D 45 <5 =5DDB5 5>
C5BF935
< @5ED 5> 5665D 1BB9F5B @5>41>D <5 DB1>C@?BD
AE5<8E9<5 @BZC5>D5 41>C <5 3?=@B5CC5EB C5 4Z@<135 F5BC
<5 39B3E9D 6B97?B969AE5
3= @1B B1@@?BD 1EH 3E9C9>9YB5C Z<53DB9AE5C ?E U 71J
3= @1B B1@@?BD U E> 1@@1B59< 45381E66175 1E 6E5< ?E
1E 381B2?>
F1>D <1 @B5=9YB5 =9C5 5> C5BF935 >5DD?I5J <5 3?=g
@1BD9=5>D 9>DZB95EB 45 <1@@1B59< F?9B %5DD?I175
#1 @B9C5 45 3?EB1>D 4?9D B5CD5B 6139<5=5>D 1335CC92<5
B1>385J <1 69385 =V<5 45 <1@@1B59< 41>C E>5 @B9C5
C53D5EB 5> - J BZ7<5=5>D19B5=5>D B5<9Z5
U <1 D5BB5
#1 @B9C5 4?9D [DB5 @B?DZ7Z5 @1B E> 6EC92<5 49C:?>3D5EB CE@@?BD1>D 45 Ug *EB <5C 1@@1B59<C 45CD9>ZC 1EH @1IC >?> 5EB?@Z5>C
FZB9695J C9 <1 D5>C9?> 45 2B1>385=5>D 5D <5 DI@5 45 3?EB1>D
C@Z3969ZC CEB <1 @<1AE5 C97>1<ZD9AE5 3?>3?B45>D 295> 1F53
35EH ?665BDC @1B <5 C53D5EB 4E @1IC 3?>35B>Z
#1 @<1AE5
C97>1<ZD9AE5 C5 DB?EF5 5> 21C U 71E385 41>C <5
3?=@1BD9=5>D BZ6B97ZB1D5EB
*9 E> 381>75=5>D 45 3?B4?>
41<9=5>D1D9?> Z<53DB9AE5 C9=@?C5 35DD5 ?@ZB1D9?> 5CD
BZC5BFZ5 U E> C@Z391<9CD5
!
@@1:@5;: < >5 61ED 5> 1E3E> 31C B133?B45B <1@@1B59< U 45C 69385C
4Z3?>?=95 4Z>5B795 5D U 45C ?>4E<5EBC 3?>F5BD9CC1>D <5
3?EB1>D 3?>D9>E 4Z29DZ @1B 5H5=@<5 @1B 45C 9>CD1<<1D9?>C
@8?D?F?<D1_AE5C ?E <5 BZC51E 45 2?B4 4E> 21D51E 5>
3?EB1>D 1<D5B>1D96 F?<DC
$>P?1:@-@5;: 01 8-<<->158
#1 @BZC5>D5 >?D935 4ED9<9C1D9?> F1ED @?EB @<EC95EBC
=?4Y<5C
*5<?> <5 =?4Y<5 <1@@1B59< @5ED 4966ZB5B 4E 3?>D5>E 45C
9<<ECDB1D9?>C
g 1>451E 45 3?==1>45
>D5BBE@D5EB @B9>39@1<
*ICDY=5 %? B?CD
Q3<19B175 #
?=@1BD9=5>D 3?>7Z<1D5EB
<1I5DD5 5> F5BB5
+9B?9B 45 3?>7Z<1D9?> @5D9D
+9B?9B 45 3?>7Z<1D9?> 7B1>4
&B96935 41@@?BD 5D 4ZF13E1D9?> 419B
-:01-A 01 /;99-:01
- @;A/41 8->91
5DD5 D?E385 C5BD U ZD59>4B5 <1F5BD9CC5EB C?>?B5
-?9B <1 C53D9?> L <1B=5 C?>?B5 N
(;A/41 H 'A<1> I /;9<->@591:@ /;:3P8-@1A>
'?EB 1<<E=5B 5D ZD59>4B5 <1 CE@5B3?>7Z<1D9?>
(;A/41 01 >P38-31 01 8- @19<P>-@A>10-:?
81/;9<->@591:@ /;:3P8-@1A
5DD5 D?E385 C5BD U BZ7<5B <1 D5=@ZB1DEB5
4E3?=@1BD9=5>D 3?>7Z<1D5EB
225/4-31 01 8- @19<P>-@A>1 >P3:-:@ 0-:?
81/;9<->@591:@ /;:3P8-@1A>
#5C 38966B5C 3?BB5C@?>45>D 1EH D5=@ZB1DEB5C M
BZ7<Z5C 41>C <5 3?=@1BD9=5>D 3?>7Z<1D5EB
;:@>T81> 8- @19<P>-@A>1 -9.5-:@1
1@8-P>-@5;:
#1@@1B59< 1 ZDZ 3?>XE @?EB E>5 31DZ7?B95 3<9=1D9AE5
@BZ39C5
*E9F1>D <1 31DZ7?B95 3<9=1D9AE5 <1@@1B59< 5CD
ED9<9C12<5 41>C <5C D5=@ZB1DEB5C 1=291>D5C CE9F1>D5C
#1 31DZ7?B95 3<9=1D9AE5 697EB5 CEB <1 @<1AE5 C97>1<ZD9AE5
C9DEZ5 5> 21C U71E385 41>C <1@@1B59<
-@P3;>51 /859-@5=A1
'"
M U M
"
M U M
'(
M U M
(
M U M
:/81:/4191:@ 01 8-<<->158
$5DD5J <1@@1B59< C?EC D5>C9?> @1B <9>D5BBE@D5EB
@B9>39@1<
,>5 1<1B=5 C?>?B5 B5D5>D9D <1 D?E385 41<1B=5
5D<9>4931D5EB 45 D5=@ZB1DEB5 3<97>?D5>D
@@EI5J CEB <1 D?E385 41<1B=5 @?EB 3?E@5B <1<1B=5
C?>?B5
#1 D?E385 41<1B=5 B5CD5 1<<E=Z5 5D <9>4931D5EB 45
D5=@ZB1DEB5 3<97>?D5 :ECAEU 35 AE5 <1@@1B59< 19D 1DD59>D
<1 D5=@ZB1DEB5 BZ7<Z5
&19->=A1? /;:/1>:-:@
812;:/@5;::191:@ 01 8-<<->158
D
P>-@5;:
#19B 381E4 4?9D @?EF?9B CZ381@@5B C1>C ?2CD13<5
*9<>5
<5 @5ED @1C <5 7B?E@5 6B97?B969AE5 4?9D 6?>3D9?>>5B @<EC
<?>7D5=@C 35 AE9 1E7=5>D5 <1 3?>C?==1D9?>
453?EB1>D
'?EB 35DD5 B19C?> %5 B53?EFB5J 5D >?2CDBE5J :1=19C
<5C?B96935C 45>DBZ5 5D 45 C?BD95 419B D
D
D
,>5 6?9C AE5 <5 3?=@1BD9=5>D 3?>7Z<1D5EB 1 1DD59>D C1
D5=@ZB1DEB5 45 C5BF935 <9>4931D5EB 45 D5=@ZB1DEB5
B5CD5 3?>CD1==5>D 1<<E=Z
#1@@1B59< 381E665 <Z7YB5=5>D E>5 @1BD95 45 C5C
CEB6135C 6B?>D1<5C @?EB 5=@[385B E>5 3?>45>C1D9?>
451E 41>C <1 J?>5 4E :?9>D 45 @?BD5
*9 1@BYC 1F?9B B565B=Z <5 3?=@1BD9=5>D 3?>7Z<1D5EB
<1@?BD5 B56EC5 45 C?EFB9B U >?EF51E 1DD5>45J
C
F
@
U =9>ED5C D5=@C >Z35CC19B5 U <1
4Z@B5CC9?> 41>C <5 3?=@1BD9=5>D @?EB C5 BZC?B25B
BV35 1E CICDY=5 %?6B?CD 5>D9YB5=5>D 1ED?=1D9AE5
<5 3?=@1BD9=5>D 3?>7Z<1D5EB >5 C5 3?EFB5 @1C 45
79FB5
#1 >Z35CC9DZ 45 4Z79FB5B 49C@1B1^D
&P38-31 01 8- @19<P>-@A>1
;9<->@591:@ /;:3P8-@1A>
BZ7<12<5 5>DB5 M 5D M
@@EI5J CEB <1 D?E385 45 BZ7<175 45 <1 D5=@ZB1DEB5
:ECAEU 35 AE5 <1 D5=@ZB1DEB5 C?E819DZ5 C?9D BZ7<Z5 41>C
<5 3?=@1BD9=5>D 3?>7Z<1D5EB
#1@@1B59< =Z=?B9C5 <1
F1<5EB BZ7<Z5 5> 45B>95B
#1 D5=@ZB1DEB5 BZ7<Z5 C1669385 U <9>4931D5EB
%?EC B53?==1>4?>C 45 BZ7<5B <5 3?=@1BD9=5>D
3?>7Z<1D5EB CEB M
8->91 ?;:;>1
J@15:0>1 8-8->91 ?;:;>1
B1>@5??191:@ -9;>/1 01 0P/;:3P8-@5;:
#5 619D 41@@EI5B CEB <1 D?E385 1<1B=5 3?E@5 <1<1B=5
C?>?B5 5D <166938175 C5 B5=5D 5> F59<<5
*9 <5 7?eD <?45EB 5D <1C@53D >?>D @1C 381>7Z F?EC
@?EF5J B53?>75<5B 35C @B?4E9DC 1<9=5>D19B5C 1@BYC <5C
1F?9B 619DC 3E9B5 ?E BbD9B
8->91 01 <;>@1
#1<1B=5 C?>?B5 16653DZ5 U <1 @?BD5 C5>3<5>385 <?BCAE5
35DD5 45B>9YB5 B5CD5 ?EF5BD5 @<EC 4E>5 =9>ED5
,>51<1B=5 C?>?B5 B5D5>D9D 5> @5B=1>5>35
8->91 01 @19<P>-@A>1
#1<1B=5 C?>?B5 C13D9F5 C9 <1 D5=@ZB1DEB5 1 DB?@ =?>DZ
41>C <5 3?=@1BD9=5>D 3?>7Z<1D5EB
,> 29@ C?>?B5 B5D5>D9D
D<85/-@5;:
- @;A/41 :05/-@1A>
H-8->91I 01
@19<P>-@A>1
1<<E=Z
3<97>?D1>D
8->91 >18-@5B1 L 8- @19<P>-@A>1
5 C97>1< C?>?B5 @5ED C5>3<5>385B 41>C <5C 31C
39g1@BYC C1>C AE5 35<1 C97>9695 AE5 <5C @B?4E9DC B9CAE5>D
45 C12^=5B D
#?BC 45 <1 =9C5 5> C5BF935 45 <1@@1B59<
D
#?BC 4E B1>75=5>D 45 7B1>45C AE1>D9DZC 45 @B?4E9DC
6B19C
D
#?BCAE5 <1 @?BD5 4E 3?=@1BD9=5>D 3?>7Z<1D5EB 5CD
B5CDZ5 DB?@ <?>7D5=@C ?EF5BD5
8->91 >18-@5B1
L 8- @19<P>-@A>1 #5C @B?4E9DC 3?>75<ZC >5
B9CAE5>D @1C 45 C12^=5B
3<97>?D1>D 3<97>?D1>D
%ED9<9C5J @1C <1 4EBZ5 45 3?>C5BF1D9?> 41>C C?>
9>DZ7B1<9DZ
B1>@5??191:@
-9;>/1 01 0P/;:3P8-@5;: ;:@1:-:/1 A@581
-?EC DB?EF5B5J <5C 9>4931D9?>C B5<1D9F5C U <1 3?>D5>1>35
ED9<5 CEB <1 @<1AE5 C97>1<ZD9AE5 45 F?DB5 1@@1B59<
#5C @B?4E9DC 3?>75<ZC
>5?=A1:@ 45 C12^=5B
3<97>?D1>D 1<<E=Z
B1>@5??191:@
-9;>/1 01 0P/;:3P8-@5;: '1B <5 @1CCZ <1 D5=@ZB1DEB5
-@>;< 9;:@P
#5C @B?4E9DC
3?>75<ZC B9CAE5>D 45
C12^=5B
;:3P8-@5;: 1@ >-:3191:@
/4-@ 01 <>;0A5@? ?A>318P?
D
+9B5Jg<5C U F?EC :ECAEU <1 2EDZ5 C?E<5F5J <1F1>D 45C
213C 5D B5D9B5Jg<5C
#5EB 5=21<<175 4?9D [DB5 9>D13D
%5 4Z@1CC5J @1C <1 41D5g<9=9D5 45 3?>C5BF1D9?>
#1 D5=@ZB1DEB5 9>49AEZ5 @1B <5 D85B=?=YDB5 4E
3?>7Z<1D5EB 3?==5B391< 4?9D [DB5 Z71<5 U °
?E5>3?B5 @<EC 21CC5
,D9<9C5J 45 @BZ6ZB5>35 E> C13 9C?D85B=5 @?EB <5 DB1>C@?BD
@E9C B1>75J <5C @B?4E9DC <5 @<EC B1@945=5>D @?CC92<5 41>C
<5 3?=@1BD9=5>D 3?>7Z<1D5EB
&-:3191:@ 01? <>;0A5@? ?A>318P?
>6?>35J 295> <5C D9B?9BC 45 3?>7Z<1D9?> :ECAEU <1 2EDZ5
5CD 9=@?BD1>D @?EB AE5 <19B @E9CC5 295> 39B3E<5B
D
)1>75J <5C AE1>D9DZC 1CC5J 9=@?BD1>D5C 45 @B?4E9DC
1<9=5>D19B5C 41>C <5C D9B?9BC CE@ZB95EBC 31B <5EB
3?>7Z<1D9?> I 5CD <1 @<EC B1@945 35 AE9 5> =[=5 D5=@C
<5C =Z>175
'?EB =5DDB5 5> @<135 <5 213 U @B?4E9DC CEB75<ZC
ZAE9@Z 45 B19<C 45 C?BD95 9< 61ED 412?B4 4Z@<?I5B
35CB19<C
-59<<5J 295> U >5 @1C @<135B 45 @B?4E9DC CEB75<ZC CEB <5C
65>D5C 41ZB1D9?> C9DEZ5C 3?>DB5 <1 @1B?9 1BB9YB5
*9< 61ED B1>75B 251E3?E@ 45 @B?4E9DC 1<9=5>D19B5C F?EC
@?EF5J <5C 5=@9<5B 49B53D5=5>D CEB <5C 3<1I5DD5C 5> F5BB5
5D CEB <5 6?>4 4E 3?=@1BD9=5>D 3?>7Z<1D5EB
'?EB 35<1
B5D9B5J 45 <1@@1B59< D?EC <5C F?<5DC 4E 3?=@1BD9=5>D
3?>7Z<1D5EB 5D <5C 213C 45 3?>7Z<1D9?>
D
&EFB5J <5 F?<5D 4E 3?=@1BD9=5>D 3?>7Z<1D5EB
B5D5>5J <E> 45C 7?E:?>Cg@1<95BC 5D B5D9B5J <5 F?<5D
;:3P8-@5;: 01 <>;0A5@? 2>-5?
;:3181> ?;5Y9Q91 81? -8591:@?
$;A> 19.-881> /;>>1/@191:@ '?EB 3?>75<5B <5C 1<9=5>DC >ED9<9C5J AE5 45C 1<9=5>DC
6B19C 5D 4E> 1C@53D 9=@53312<5
'<135J <5C 1<9=5>DC 41>C <5=21<<175
'B5CC5B @?EB 381CC5B <19B
'1 <>Q@1:@ L 8- /;:3P8-@5;: &2DEB5J <5=21<<175 85B=ZD9AE5=5>D
#1 F91>45 5D <1 381B3ED5B95 <5C F?<19<<5C 5D <5 79295B
<5@?9CC?> <5C <Z7E=5C <5C 85B25C 1B?=1D9AE5C
<5C6BE9DC <5C @VD9CC5B95C <5C @9JJ1C <5C @<1D 3E9C9>ZC
<5CB5CD5C 45 @<1D <5 :1E>5 4?5E6 <5 2<1>3 4?5E6
"1 ?1 <>Q@1:@ <-? L 8- /;:3P8-@5;: >C3B9F5J CEB <5=21<<175 <5 >?= 4E 3?>D5>E
5D<141D5 45 3?>7Z<1D9?>
9.-88-31? -0-<@P? #5C ?5E6C 5>D95BC 41>C <5EB 3?AE9<<5 <1 3BY=5 6B1^385
5D<1=1I?>>19C5 <1 C1<145 F5BD5 <5C B149C 5D <5C ?97>?>C
9<=C @<1CD9AE5C 65E9<<5C DE2E<19B5C 5> @?<IZD8I<Y>5
65E9<<5C 1<E=9>9E= 5D 2?^D5C 85B=ZD9AE5C
-?EC DB?EF5B5J
35C @B?4E9DC 41>C <5 3?==5B35 C@Z391<9CZ
8-:/4591:@ 01? 2>A5@? 1@ 8P3A91?
9.-88-31? 5:-0-<@P? <1>389CC5J <5C 6BE9DC 5D <Z7E=5C 1F1>D <1 3?>7Z<1D9?>
169>AE9<C 3?>C5BF5>D 3?E<5EB 1Bb=5 7?eD 5D F9D1=9>5 '?EB 35 619B5 @<?>75J <5C 6BE9DC 5D <Z7E=5C AE5<AE5C
9>CD1>DC 41>C 45 <51E 2?E9<<1>D5
-?EC DB?EF5B5J 45C <9FB5C CEB <1 3?>7Z<1D9?> 5D <5
2<1>389=5>D 385J F?DB5 <92B19B5
#5 @1@95B 45=21<<175 <5 @1@95B CE<6EB9CZ <5C 65E9<<5C
4535<<?@81>5 <5C C13C @?E25<<5C 5D <5C C13C 5> @<1CD9AE5
1I1>D 4Z:U C5BF9
;:3181> 81? -8591:@?
'?EB 3?>75<5B <5C 1<9=5>DC >ED9<9C5J AE5 45C 1<9=5>DC
6B19C 5D 4E> 1C@53D 9=@53312<5
-59<<5J U 35 AE5 <5C @B?4E9DC 1<9=5>D19B5C U 3?>75<5B
>5>DB5>D @1C 5> 3?>D13D 1F53 45C @B?4E9DC 4Z:U
3?>75<ZC
#19B >5 4?9D @1C @Z>ZDB5B 41>C <5=21<<175 @?EB AE5
<5C1<9=5>DC >5 @5B45>D @1C <5EB 7?eD >9 >5 CY385>D @1C
$;A> ;.@A>1> 81? 19.-88-31? A@585?1F 01? 5C Z<1CD9AE5C 45C 3<9@C 5> @<1CD9AE5 45C 6935<<5C 45C
BE21>C 148ZC96C BZC9CD1>D 1E 6B?94
-?EC @?EF5J ?2DEB5B
<5C C1385DC 5D <5C 65E9<<5C 5> @?<IZD8I<Y>5 1E =?I5>
4E>5 D85B=?C?E45EC5
A>P1 01 /;:?1>B-@5;: 01? <>;0A5@?
?A>318P?
<<5 4Z@5>4 45 <1 >1DEB5 45C 1<9=5>DC
*9 <1 D5=@ZB1DEB5 1
ZDZ BZ7<Z5 CEB M
D
'?9CC?> 381B3ED5B95 @<1DC @BZg3E9C9>ZC @VD9CC5B95C :ECAEU =?9C
D
B?=175 F?<19<<5 F91>45 :ECAEU =?9C
D
BE9DC 5D <Z7E=5C :ECAEU =?9C
-<-/5@P 01 /;:3P8-@5;: 9-D59-81
*EB <1 @<1AE5DD5 C97>1<ZD9AE5 F?EC DB?EF5B5J 45C
9>4931D9?>C 3?>35B>1>D <1 31@139DZ 45 3?>7Z<1D9?>
=1H9=1<5 5> 85EB5C
'A<1>/;:3P8-@5;:
< 61E4B19D 3?>75<5B <5C @B?4E9DC 1<9=5>D19B5C U 3jEB
<5@<EC B1@945=5>D @?CC92<5 169> 45 @BZC5BF5B <5EBC
F9D1=9>5C <5EB F1<5EB >EDB9D9F5 <5EB 1C@53D 5D <5EB 7?eD
'?EB AE9< >5 C5 @B?4E9C5 @1C 41E7=5>D1D9?> 9>4ZC9B12<5
45 <1 D5=@ZB1DEB5 <?BCAE5 F?EC B1>75J 45C @B?4E9DC
1<9=5>D19B5C 6B19C 1@@EI5J CEB <1 D?E385 45
CE@5B3?>7Z<1D9?> AE5<AE5C 85EB5C 1F1>D 45 <5C B1>75B
J=A5<191:@ 0A /;9<->@591:@
/;:3P8-@1A>
C5<?> <5 =?4Y<5
//A9A8-@1A>? 01 2>;50
88A9-31 1@ 1D@5:/@5;:
@@EI5J CEB <1 D?E385 L CE@5B N
<5>3<5>385=5>D 45 <1 CE@5B3?>7Z<1D9?> <5 F?I1>D
45<1 D?E385 C1<<E=5
#1 CE@5B3?>7Z<1D9?> C5 4ZC13D9F5 1ED?=1D9AE5=5>D
1E2?ED 45 O:?EBC
&19->=A1
*9 F?EC 1F5J 13D9FZ <1 CE@5B3?>7Z<1D9?> <1@@1B59< @5ED
6?>3D9?>>5B @<EC 2BEI1==5>D
#?BC 4E>5 3?E@EB5 45 3?EB1>D ?E 5> 31C 45 @1>>5
<5C133E=E<1D5EBC 45 6B?94 B5D1B45>D <5 BZ381E665=5>D
45C @B?4E9DC CEB75<ZC CD?3;ZC 41>C <1@@1B59<
-?EC @?EF5J Z71<5=5>D F?EC C5BF9B 45C 133E=E<1D5EBC
45 6B?94 @?EB 5=@?BD5B 45C 1<9=5>DC @1B 5H
41>C E> C13
9C?D85B=5 5D <5C 3?>C5BF5B 19>C9 1E 6B19C @5>41>D E>5
4EBZ5 <9=9DZ5
-/ L 38-N;:?
)5=@<9CC5J <5 213 U 7<1X?>C 1EH P 1F53 45 <51E @E9C
@<135Jg<5 41>C <5 3?=@1BD9=5>D 3?>7Z<1D5EB
*9 <5 213 5CD B5CDZ 3?<<Z 41>C <5 3?=@1BD9=5>D
3?>7Z<1D5EB >ED9<9C5J AEE> 9>CDBE=5>D Z=?ECCZ @?EB <5
4Z3?<<5B E> =1>385 45 3E9<<5B @1B 5H
'?EB 5><5F5B <5C 7<1X?>C 4E 213 @1CC5Jg<5 2B9YF5=5>D
C?EC <51E 4E B?29>5D ?E 4Z6?B=5J <Z7YB5=5>D <5 213
P/;:3P8-@5;: 01? <>;0A5@?
"1@@;E-31 01 8-<<->158
*5<?> <1 >1DEB5 5D <ED9<9C1D9?> 45C @B?4E9DC CEB75<ZC
F?EC@?EF5J 38?9C9B 5>DB5 @<EC95EBC @?CC929<9DZC
@@1:@5;: D
<1 D5=@ZB1DEB5 1=291>D5
D
1>C <5 BZ6B97ZB1D5EB
D
1>C <5 6?EB Z<53DB9AE5 1F53 C1>C F5>D9<1D5EB
U19B381E4
D
1>C <5 =93B?g?>45C
&19->=A1
%ED9<9C5J 1E3E> @B?4E9D 45 >5DD?I175 3?>D5>1>D
4EC12<5 4E 38<?BEB5 ?E 45 <13945 >9 1E3E> C?<F1>D
%ED9<9C5J :1=19C 4Z@?>75C 12B1C9F5C ?E CEC35@D92<5C
45B1I5B
5C J?>5C 3?BB?4Z5C @?EBB195>D 1@@1B1^DB5 CEB
<5C CEB6135C =ZD1<<9AE5C 45 <1@@1B59<
%5 >5DD?I5J :1=19C <5C 3<1I5DD5C 5D <5C 213C 1E
<1F5gF19CC5<<5
5C @9Y35C @?EBB195>D C5 4Z6?B=5B &1@5>1> 81? /8-E1@@1? 1: B1>>1
%5 B5=5DD5J @1C U 3?>75<5B 45C @B?4E9DC 1<9=5>D19B5C
@1BD95<<5=5>D ?E 5>D9YB5=5>D 4Z3?>75<ZC
-?EC @?EBB5J
<5C B53?>75<5B E>9AE5=5>D 1@BYC <5C 1F?9B DB1>C6?B=ZC
5>@<1DC @BZg3E9C9>ZC @1B 3E9CC?> ?E BbD9CC175
1>C 35 31C 3?>C?==5Jg<5C >5DD5=5>D 1F1>D <1 41D5
<9=9D5 45 3?>C5BF1D9?>
;A<A>1 01 8-<<->158
@@EI5J CEB <9>D5BBE@D5EB @B9>39@1<
#5 7B?E@5 6B97?B969AE5 5D <Z3<19B175 9>DZB95EB CZD597>5>D
&195?-31 01 8-<<->158
D
QD597>5J <1@@1B59< 1F1>D 45 <5 >5DD?I5B
D
Z2B1>385J <1 69385 =V<5 4E C53D5EB ?E B1=5>5J
<549C:?>3D5EB 5> @?C9D9?> ZD59>D5 *9 <1@@1B59< 4?9D B5CD5B <?>7D5=@C C1>C C5BF9B D597>5J <1@@1B59<
D
Z2B1>385J <1 69385 =V<5 4E C53D5EB ?E B1=5>5J
<549C:?>3D5EB 5> @?C9D9?> ZD59>D5
D
%5DD?I175 45 <1@@1B59<
#19CC5J <1 @?BD5 45 <1@@1B59< ?EF5BD5
*?BD5J <5C @B?4E9DC 3?>75<ZC 5D B1>75Jg<5C 41>C E>
5>4B?9D 6B19C
'?C5J <5C 133E=E<1D5EBC 45 6B?94
C96?EB>9C 1F53 <1@@1B59< CEB 35C @B?4E9DC
%5 >5DD?I5J <1@@1B59< AE1F53 E> 38966?> 4?EH 45
<51E D9Y45 5D 4E @B?4E9D U F19CC5<<5 @BZC5>D1>D E> @
>5EDB5
#51E 45 >5DD?I175 >5 4?9D @1C @Z>ZDB5B 41>C
<Z3<19B175
D
%5CCEI5J <5 :?9>D 45 @?BD5 AE1F53 E> 38966?> 5D
45<51E @B?@B5 5>CE9D5 CZ385Jg<5 U 6?>4
D
@BYC <5 >5DD?I175 B52B1>385J <1 69385 =V<5
45<1@@1B59< @E9C BZ5>3<5>385Jg<5
'5 B;A? 0P35B>1F 8-<<->158
;9<->@591:@ /;:3P8-@1A>
BV35 1E CICDY=5 %?6B?CD 5>D9YB5=5>D 1ED?=1D9AE5
<53?=@1BD9=5>D 3?>7Z<1D5EB >5 C5 3?EFB5 @1C 45 79FB5
#1 >Z35CC9DZ 45 4Z79FB5B 49C@1B1^D
J/8-5>-31 >A5@? 01 2;:/@5;::191:@
-?DB5 1@@1B59< 5CD ZAE9@Z 4E> Z3<19B175 @1B #
>545=1>41>D @1C 45>DB5D95>
>A5@? <->2-5@191:@ :;>9-AD
$>A01:/1 J/8-5>-31 <-> )1I?>>5=5>D <1C5B 45 3<1CC5 $ >?B=5 %?2C5BF5J :1=19C <5 B1I?>>5=5>D 1F53 45C 9>CDBE=5>DC
?@D9AE5C
)9CAE5 45 <ZC9?>C ?3E<19B5C #5C BZ@1B1D9?>C 45 35D Z3<19B175 C?>D 5H3<EC9F5=5>D
BZC5BFZ5C 1E C5BF935 1@BYCgF5>D5 ?E U 45C C@Z391<9CD5C
1ED?B9CZC
;A>0;::191:@? P@;A22P? 35C 2BE9DC >?B=1EH C5 6?>D
5>D5>4B5 @5>41>D AE5 <5 3?=@B5CC5EB 5CD 5> =1B385
->3;A5885? 9A>9A>1? ?E /8-<;@5? 8P31>? <5 6<E945
6B97?B97Y>5 39B3E<5 41>C <5C DE2E<EB5C
85=A1@5? 9<C C?>D 1E492<5C <?BCAE5 <5 =?D5EB C5 =5D
5>=1B385 ?E C1BB[D5
JB5@1> 8- 3P:P>-@5;: 01 .>A5@?
-<<->158 :1 >1<;?1 <-? 0-<8;9.
/;:;951? 0P:1>351
D
D
D
D
D
'<135J <1@@1B59< 41>C E> <?31< C53 5D 1ZB12<5
-59<<5J
U 35 AE9< >5 C?9D @1C 49B53D5=5>D 5H@?CZ 1EH B1I?>C
C?<19B5C 5D AE9< >5 C5 DB?EF5 @1C U @B?H9=9DZ 4E>5
C?EB35 45 381<5EB @1B 5H
B1491D5EB 3E9C9>9YB5
,D9<9C5J <5 31C Z38Z1>D E>5 @<1AE5 9C?<1>D5
%?EFB5J <1 @?BD5 45 <1@@1B59< AE5 <5 @<EC 2B9YF5=5>D
@?CC92<5 '?EB ZF9D5B 45 3?>C?==5B @<EC 45 3?EB1>D 9< 61E4B19D
>5DD?I5B ?331C9?>>5<<5=5>D 1F53 E> 1C@9B1D5EB ?E
E> @9>351E <?B96935 41@@?BD 5D 4ZF13E1D9?> 419B
41>C <5 C?3<5
%5 B1>75J <5C @<1DC 381E4C 41>C <5 3?=@1BD9=5>D
3?>7Z<1D5EB AE1@BYC AE9<C C5 C?>D B56B?949C
-?EC @?EF5J ED9<9C5B <5 6B?94 AE9<C ?>D 5==171C9>Z
@?EB B56B?949B <5C 1<9=5>DC CD?3;ZC 41>C <5
BZ6B97ZB1D5EB
,D9<9C5J <5H3Z45>D 45 6B?94 @?EB B56B?949B
<5C 1<9=5>DC
<1945 4E> >9F51E U 2E<<5 F5E9<<5J 8?B9J?>D1<9C5B
3?BB53D5=5>D <1 31F9DZ 45>31CDB5=5>D
*5BF5JgF?EC
U35DD5 69> 45C @954C U F9C 45 <1 31F9DZ ?E 9>CZB5J AE5<AE5
38?C5 45CC?EC
1? @5>;5>? <-:51>? ;A ?A>2-/1? 01 >-:3191:@
B5.>1:@ ;A ?1 /;5:/1:@
-ZB9695J <5C @9Y35C 1=?F92<5C @E9C B5=5DD5Jg<5C 5> @<135
3?BB53D5=5>D
1? >P/5<51:@? ?1 @;A/41:@
Q<?97>5J <Z7YB5=5>D <5C BZ39@95>DC <5C E>C 45C 1EDB5C
&19P051> ?;5 9Q91 -AD <1@5@1? <-::1?
*-:@ 0-<<181> 81 ?1>B5/1 -<>O?YB1:@1 -ZB9695J C9 U <1945 45C 3?>C59<C 39 45CC?EC F?EC >5 @?EF5J @1C B5=Z495B F?EC =[=5 U <9>3945>D
-?EC ZF9D5B5J 45C 4Z@5>C5C 9>ED9<5C 31B <5 4Z@<135=5>D 4E D538>9395> 4E *- F?EC C5B1 613DEBZ =[=5 @5>41>D <1
@ZB9?45 45 71B1>D95
P>-:3191:@
-A?1 <;??5.81
- @19<P>-@A>1 0PB51
2;>@191:@ <-> >-<<;>@
-A >P38-31
&19O01
1>C 35BD19>C 31C 9< CE669B1 4ZD59>4B5 <1@@1B59<
@5>41>D =9>ED5C
*9 <1 D5=@ZB1DEB5 5CD DB?@ P81BP1 FZB9695J 1E 2?ED 45
C5E<5=5>D AE5<AE5C 85EB5C C9 E> B1@@B?385=5>D 45
<1 D5=@ZB1DEB5 1 5E <95E
*9 <1 D5=@ZB1DEB5 5CD DB?@ .-??1 FZB9695J U >?EF51E
<1 D5=@ZB1DEB5 <5 <5>45=19>
A/A: B;E-:@
:1?-88A91
?E@EB5 45 3?EB1>D 49C:?>3D5EB
49C:?>3DZ 69385 =V<5 @1C
3?=@<YD5=5>D 2B1>38Z5 41>C <1
@B9C5
-ZB9695J C9 <1 @B9C5 5CD C?EC D5>C9?>
#5 49C:?>3D5EB 4?9D C5 DB?EF5B 5> @?C9D9?> 1B=Z5
1 3>;A<1 2>53;>525=A1
?1:/81:/41 01 <8A?
1:<8A? ?;AB1:@ 1@
8;:3@19<?
,> ?2:5D B53?EFB5 <?B96935 41@@?BD
5D 4ZF13E1D9?> 419B
><5F5J 35C ?2CD13<5C
-<<->158 :1 >P2>53O>1
<-?
A/A: B;E-:@
:1?-88A91
?E@EB5 45 3?EB1>D @@EI5J CEB <9>D5BBE@D5EB @B9>39@1< -?9B <1 C53D9?>
L 'BZC5>D1D9?> 45 <1@@1B59< N
D
D
-ZB9695J C9< I 1 4E 3?EB1>D FZB9695J <5C 6EC92<5C 49C:?>3D5EBC
EC92<5 7B9<<Z 9C:?>3D5EB
49C:?>3DZ
9385 =V<5 9>3?BB53D5=5>D
2B1>38Z5 41>C <1 @B9C5 45
3?EB1>D
-<<->158 :1 >P2>53O>1
<-? 81? B;E-:@?
5:05/-@1A>? 01
@19<P>-@A>1 1@
8P/8-5>-31 5:@P>51A>
?;:@-88A9P?
#1@@1B59< C5 DB?EF5 CEB <5 =?45
H@?C9D9?>
@@EI5J CEB <1 D?E385 41<1B=5 @5>41>D
C53?>45C :ECAEU 35 AEE>5 D?>1<9DZ 45
3?>69B=1D9?> C5 61CC5 5>D5>4B5
-?9B <1 C53D9?> L 1>451E 45 3?==1>45 N
P/8-5>-31 5:@P>51A>
:12;:/@5;::1 <-?
#Z3<19B175 @1B # 5CD
4Z653DE5EH
-?9B <5 381@9DB5 L Q3<19B175 # N
#1 @?BD5 5CD B5CDZ5 ?EF5BD5 DB?@
<?>7D5=@C
#Z3<19B175 CZD59>D 1E 2?ED
45>F9B?>=9>ED5
@BYC 1F?9B 65B=Z 5D ?EF5BD <1 @?BD5 <Z3<19B175
6?>3D9?>>5 U >?EF51E
-ZB9695J 1E 2?ED 4E> 35BD19> D5=@C C9 <1@@1B59<
BZ6B97YB5
P>-:3191:@
-A?1 <;??5.81
&19O01
1? <1@5@? B;E-:@? 01
@19<P>-@A>1 /853:;@1:@
-?EC 1F5J ?EF5BD 6BZAE5==5>D <1
@?BD5
%?EFB5J @1C <1 @?BD5 9>ED9<5=5>D
-?EC 1F5J B1>7Z E>5 7B1>45
AE1>D9DZ 45 @B?4E9DC 1<9=5>D19B5C
):1 -8->91 ?;:;>1
>1@1:@5@ 81 <1@5@ B;E-:@
01 @19<P>-@A>1
/853:;@1
ZB1>75=5>D D5=@ZB1DEB5
5H35CC9F5 41>C <5 3?=@1BD9=5>D
3?>7Z<1D5EB 1? <>;0A5@? ?A>318P? >5?=A1:@
01 ?-.S91> '1>B5/1 -<>O?YB1:@1
'?EB 3?>>1^DB5 <5 C5BF935 1@BYCgF5>D5 C9DEZ <5 @<EC @BYC
45 385J F?EC 3?>CE<D5J <1>>E19B5 DZ<Z@8?>9AE5 ?E <5
BZ@5BD?9B5 45C C5BF935C 1@BYCgF5>D5 *-
-5E9<<5J
9>49AE5B 1E *- <5 >E=ZB? 45 CZB95 g%B
45 <1@@1B59< 5D
C?> >E=ZB? 45 612B931D9?> g%B
E - Nr
FD - Nr
-?EC DB?EF5B5J 35C 9>4931D9?>C CEB <1 @<1AE5 C97>1<ZD9AE5
945Jg>?EC U ZF9D5B 45C 4Z@<135=5>DC 9>ED9<5C 9>49AE5J
<5C >E=ZB?C 45 CZB95 5D 45 612B931D9?>
-?ECZ3?>?=9C5B5J 19>C9 45C CE@@<Z=5>DC 45 6B19C
9>ED9<5C
F1>D 45 B1>75B 45C @B?4E9DC 13D9F5J
<1*E@5B3?>7Z<1D9?>
-?9B <5 381@9DB5 L <1B=5 C?>?B5 N
5@
:05/1
BB1>@1:F1 <1> 8; ?9-8@591:@; BB1>@1:F1 05 ?5/A>1FF- 1 <1>5/;8; BB1>@1:F1 05 ?5/A>1FF- 1 <1>5/;8; ;8813->1 8-<<->1//45; ;:;?/1>1 8-<<->1//45; $-::188; /;9-:05 @@1:F5;:1 -88- @19<1>-@A>- -9.51:@1
10 -88- B1:@58-F5;:1 //1:01>1 8-<<->1//45; &13;8->1 8- @19<1>-@A>- '13:-81 -/A?@5/; -<-/5@L A@581 @;@-81 ;:318->1 1 /;:?1>B->1 ;:318-91:@; 05 -8591:@5 2>1?/45 ;:318->1 -8591:@5 'A<1>Y/;:318-91:@; ;@-F5;:1 018 /;:318-@;>1 '/;:318-91:@; 015 <>;0;@@5 /;:318-@5 '<13:1>1 8-<<->1//45; '/;:318-91:@; $A85F5- 0188-<<->1//45; 88A95:-F5;:1 &5?<->95->1 1:1>35- &A9;>5 05 2A:F5;:-91:@; 8595:->1 <5//;85 3A-?@5 '1>B5F5; ??5?@1:F- 851:@5 BB1>@1:F1 <1> 8; ?9-8@591:@;
BB1>@1:F1 05 ?5/A>1FF- 1 <1>5/;8;
x '9-8@591:@; 018859.-88-335;
$>59- 05 91@@1>1 5: 2A:F5;:1
8-<<->1//45;
#9=21<<1779? @B?D5775 9< F?CDB? 1@@1B53389? 41 41>>9
49DB1C@?BD?
+EDD9 9 =1D5B91<9 9=@9571D9 C?>? 3?=@1D929<9
3?> <1=295>D5 5 B9393<129<9
-9 @B57891=? 49 3?<<12?B1B5
C=1<D9D5 <9=21<<1779? >5< B9C@5DD? 45<<1=295>D5
*95D5 @B571D9 49>6?B=1BF9 @B5CC? 9< F?CDB? B9F5>49D?B5 C@5g
391<9JJ1D? ? @B5CC? <1 F?CDB1 1==9>9CDB1J9?>5 =E>939@1<5
CE<<5 1DDE1<9 @?CC929<9DU 49 C=1<D9=5>D?
x &;@@-9-F5;:1 0188-<<->1//45; 2A;>5
A?;
#5775B5 1DD5>D1=5>D5 DEDD5 <5 9CDBEJ9?>9 @5B <EC? 54
9<=?>D1779?
CC5 3?>D5>7?>? 9=@?BD1>D9 9>6?B=1J9?>9 @5B
<9>CD1<<1J9?>5 <EC? 5<1 =1>ED5>J9?>5 45<<1@@1B53389?
?>C5BF1B5 DEDD1 <1 4?3E=5>D1J9?>5 @5B <EC? CE335CC9F?
? @5B CE335CC9F9 @B?@B95D1B9
'5/A>1FF- @1/:5/D
<9 1@@1B53389 49C=5CC9 >?> C?>? B969ED9 C5>J1 F1<?B5
DDB1F5BC? E>? C=1<D9=5>D? 53?<?793? 3?BB5DD? C9
@?CC?>? B53E@5B1B5 =1D5B95 @B9=5 @B5791D5
(E5CD? 1@@1B53389? 49C@?>5 49 3?>DB1CC57>? 19
C5>C9 45<<1 49B5DD9F1 5EB?@51 9> =1D5B91
49 1@@1B53389 5<5DDB939 54 5<5DDB?>939 G1CD5 5<53DB931<
1>4 5<53DB?>93 5AE9@=5>D h .
(E5CD1 49B5DD9F1 4569>9C35 <5 >?B=5 @5B <1 B133?<D1
59<B9393<1779? 457<9 1@@1B53389 49C=5CC9 F1<945 CE
DEDD? 9<D5BB9D?B9? 45<<,>9?>5 EB?@51
(E5CD1@@1B53389? 3?>D95>5 E>1 @933?<1 AE1>D9DU
49B56B975B1>D5 )1 E> 71C 3?=@1D929<5 3?>
<1=295>D5 =1 9>691==129<5
DD5>J9?>5 4EB1>D5
9<DB1C@?BD? 5 <9>CD1<<1J9?>5 45<<1@@1B53389? 1 >?>
41>>57791B5 9 DE29 45< 39B3E9D? 45< B56B975B1>D5
<B56B975B1>D5 6E?B9EC39D? 1 @B5CC9?>5 @E`
41>>57791B5 7<9 ?3389 ?@@EB5 9>35>491BC9
: /-?; 05 0-::5
+5>5B5 <?>D1>? 41<<1@@1B53389? 691==1 ? 6?>D9
491335>C9?>5
CDB1BB5 <1 C@9>1 41<9=5>D1J9?>5
!
$1>5/;8;
-5>D9<1B5 25>5 <1=295>D5 @5B 1<3E>9 =9>ED9
> 31C? 49 1@@1B53389 6E?B9 EC?
CDB1BB5 <1 C@9>1 41<9=5>D1J9?>5
(E1>D? @9d B56B975B1>D5 3?>D95>5 E> 1@@1B53389?
D1>D? @9d 7B1>45 45F5 5CC5B5 <1=295>D5 >5< AE1<5
C9DB?F1 <1@@1B53389?
> 1=295>D9 DB?@@? @933?<9
9>31C? 49 6E71 C9 @E` 6?B=1B5 E>1 =9C35<1
9>691==129<5 41B91 5 71C
+17<91B5 5 C=1<D9B5 9< 31F? 49 3?<<571=5>D? 3?>
<1C@9>1 41<9=5>D1J9?>5
<9 1@@1B53389 6B97?B965B9 3?>D5>7?>? B56B975B1>D5
5>5<<9C?<1=5>D? 71C
< B56B975B1>D5 54 9 71C B938954?>?
E>? C=1<D9=5>D? 1@@B?@B91D?
9>? 1<<? C=1<D9=5>D?
1@@B?@B91D? >?> 41>>57791B5 9 DE29 45< 39B3E9D?
B56B975B1>D5
&7>9 7 49 B56B975B1>D5 <1=295>D5 45F5 49C@?BB5 49
E> F?<E=5 =9>9=? 49 = #1 AE1>D9DU 49 B56B975B1>D5
45< F?CDB? 1@@1B53389? Y 9>4931D1 CE<<1 D1B785DD1
4945>D96931J9?>5 >5<<9>D5B>? 45<<1@@1B53389?
D
>6?B=1B5 9< C5BF9J9? 1CC9CD5>J1 3<95>D9
#1 C?CD9DEJ9?>5 45< 31F? 49 1<9=5>D1J9?>5 54 1<DB5
B9@1B1J9?>9 45F?>? 5CC5B5 5C57E9D5 C?<? 41< C5BF9J9?
1CC9CD5>J1 3<95>D9
#5 9>CD1<<1J9?>9 5 B9@1B1J9?>9
9>3?=@5D5>D9 @?CC?>? 3B51B5 >?D5F?<9 @5B93?<? @5B
<ED5>D5
"188A?;
D
D
D
D
D
D
D
D
D
D
%?> EC1B5 =19 1@@1B53389 5<5DDB939 >5<<9>D5B>?
49AE5CD? 1@@1B53389? @5B5C
1@@1B53389 49
B9C31<41=5>D? @B?4EDD?B9 49 7891339? 5<5DDB939 533
$1>5/;8; 05 1?<8;?5;:1
%?> C2B9>1B5 ? @E<9B5 =19 <1@@1B53389? 3?> E>1
@E<9DB935 1 F1@?B5
< F1@?B5 @E` B1779E>75B5 @1BD9
5<5DDB9385 5 @B?F?31B5 E> 3?BD?39B3E9D?
$1>5/;8;
05?/->5/- 181@@>5/-
%?> ED9<9JJ1B5 ?775DD9 1@@E>D9D9 ? 1669<1D9 @5B B9=E?F5B5
7<9 CDB1D9 49 2B9>1 5 49 7891339?
?C] 6135>4? C9 @?CC?>? 41>>57791B5 9DE29 45<
B56B975B1>D5
< B56B975B1>D5 385 6E?B95C35 1 C@BEJJ9 @E`
9>35>491BC9 ?65B9B5 7<9 ?3389
%?> 3?>C5BF1B5 >5<<1@@1B53389? @B?4?DD9 3?>D5>5>D9
@B?@5<<5>D9 71CC?C9 3?=2ECD929<9 @5B5C
2?=2?<5DD5
C@B1I 5 C?CD1>J5 5C@<?C9F5
$1>5/;8; 05 1?<8;?5;:1
%?> EC1B5 9=@B?@B91=5>D5 <? J?33?<? 9 31CC5DD9
5CDB1929<9 <5 @?BD5 533
3?=5 @541>1 41@@?779?
?@@EB5 3?=5 C?CD57>?
'5B <? C2B9>1=5>D? 5 <1 @E<9J91 5CDB1BB5 <1 C@9>1
41<9=5>D1J9?>5 ? 49C9>C5B9B5 <9>D5BBEDD?B5
49C93EB5JJ1
+9B1B5 49B5DD1=5>D5 <1 C@9>1 >?> 9< 31F?
41<9=5>D1J9?>5
?>C5BF1B5 1<3??< 14 1<D1 7B141J9?>5 C?<?
5B=5D931=5>D5 389EC? 54 9> @?C9J9?>5 F5BD931<5
%?> C@?B31B5 <5 @1BD9 49 =1D5B91<5 @<1CD93?
5<17E1B>9J9?>5 45<<1 @?BD1 3?> ?<9? ? 7B1CC?
<DB9=5>D9 <5 @1BD9 49 =1D5B91<5 @<1CD93? 5 <1 7E1B>9J9?>5
45<<1 @?BD1 49F5>D1>? @?B?C5
%?> 3?@B9B5 >Z ?CDBE9B5 <5 1@5BDEB5 49 5>DB1D1
54EC39D1 45<<1B91 @5B <1@@1B53389?
D
D
D
%?> 3?>C5BF1B5 >5< 3?>75<1D?B5 <9AE949 9> 2?DD97<91
5<1DD9>5 C@5391<=5>D5 <5 25F1>45 3?>D5>5>D9
1>94B945 31B2?>931
?DD97<95 5 <1DD9>5 @?CC?>?
5C@<?45B5
%?> =5DD5B5 CE29D? 9> 2?331 1<9=5>D9 3?>75<1D9
1@@5>1 @B5C9 41< 3?>75<1D?B5
$1>5/;8; 05 A?@5;:5
F9D1B5 9< 3?>D1DD? @B?<E>71D? 45<<5 =1>9 3?> 1<9=5>D9
3?>75<1D9 7891339? ? DE29 45<<5F1@?B1D?B5 533
$1>5/;8; 05 A?@5;:5
-9.5:5 5: /-?D
%?> 1221>4?>1B5 <9=21<<1779? 5 CE5 @1BD9 1<<1 =5B3Z
49 21=29>9
'5B93?<? 49 C?66?31=5>D? 41 C31D?<5
4931BD?>5 @95785F?<9 5 6?7<9 49 @<1CD931
D
#1@@1B53389? >?> Y E> 79?31DD?<? @5B 21=29>9
D
'5B 7<9 1@@1B53389 3?> C5BB1DEB1 45<<1 @?BD1
3?>C5BF1B5 <1 3891F5 6E?B9 45<<1 @?BD1D1 459 21=29>9
";>91 31:1>-85
#1@@1B53389? Y 94?>5?
D
@5B 3?>75<1B5 1<9=5>D9
D
@5B @B5@1B1B5 7891339?
#1@@1B53389? Y 45CD9>1D? 1<<EC? 4?=5CD93?
#1@@1B53389? Y C385B=1D? 3?>DB? 9 B149?49CDEB29
C53?>4? <1 49B5DD9F1 , #5B=5D939DU 45< 39B3E9D? 49 B166B5441=5>D? Y CD1D1
3?>DB?<<1D1
(E5CD? @B?4?DD? Y 3?>6?B=5 1<<5 @5BD9>5>D9 >?B=5
49C93EB5JJ1 @5B 7<9 1@@1B53389 5<5DDB939 %
#5 @5BC?>5 3?> B94?DD5 31@139DU 69C9385 C5>C?B91<9 ?
@C9389385 ? 3?> 9>CE669395>D9 3?>?C35>J5 45F?>?
EC1B5 AE5CD? 1@@1B53389? C?<? C?DD? C?BF57<91>J1
?3?>45DD17<91D5 9CDBEJ9?>9
BB1>@1:F1 05 ?5/A>1FF- 1 <1>5/;8;
;8813->1 8-<<->1//45;
'5B <9>CD1<<1J9?>5 Y 94?>5? E> 1=295>D5 1C39EDD?
F5>D9<129<5
< <E?7? 49>CD1<<1J9?>5 >?> 45F5 5CC5B5
5C@?CD? 1<<9BB1491J9?>5 C?<1B5 49B5DD1 5 >?> 5CC5B5 F939>?
14 E>1 6?>D5 49 31<?B5 3?=5 CDE61 31<?B965B? 533
*5 Y
9>5F9D129<5 <9>CD1<<1J9?>5 1331>D? 14 E>1 6?>D5 49 31<?B5
ED9<9JJ1B5 E> 94?>5? @1>>5<<? 9C?<1>D5 ?@@EB5 B9C@5DD1D5 <5
C57E5>D9 49CD1>J5 =9>9=5 41<<1 6?>D5 4931<?B5
?@? 1F5B5 3?<<?31D? <1@@1B53389? 1DD5>45B5 1<=5>?
?B1 @B9=1 49 =5DD5B<? 9> 6E>J9?>5
EB1>D5 9< DB1C@?BD?
@E` 133145B5 385 <?<9? 3?>D5>ED? >5< 3?=@B5CC?B5
@5>5DB9 >5< C9CD5=1 49 B166B5441=5>D?
1 3E39>5 5<5DDB9385 ? 1 71C 3=
1 CDE65 14 ?<9? 3?=2ECD929<5 ? 31B2?>5 3=
#1 @B5C1 45F5 5CC5B5 <925B1=5>D5 1335CC929<5
?<<571B5
<1@@1B53389? 1 3?BB5>D5 1<D5B>1D1 1 -J
ED9<9JJ1>4? E>1 @B5C1 1 >?B=1 49 <5775
#1 @B5C1 45F5
5CC5B5 @B?D5DD1 3?> E> 49C@?C9D9F? 49 C93EB5JJ1 41
1 'B9=1 49 EC1B5 <1@@1B53389? <1 @B9=1 F?<D1 @E<9B5 9< F1>?
9>D5B>? 45<<1@@1B53389? F549'E<9J91
'5B 1@@1B53389 385 F5>7?>? 9=@9571D9 9> @15C9 >?>
5EB?@59 3?>DB?<<1B5 CE<<1 D1B785DD1 @?BD1g41D9 C5 <1
D5>C9?>5 54 9< D9@? 49 3?BB5>D5 9>4931D9 3?BB9C@?>4?>?
19F1<?B9 45<<1 @B?@B91 B5D5 5<5DDB931
#1 D1B785DD1
4945>D96931J9?>5 C9 DB?F1 9> 21CC? 1 C9>9CDB1 >5< 6B97?B965B?
#1 C?CD9DEJ9?>5 45< 31F? 49 1<9=5>D1J9?>5 C5 >535CC1B91
45F5 5CC5B5 5C57E9D1 C?<? 41 E> D53>93? C@5391<9JJ1D?
!
$1>5/;8;
#1@@1B53389? >?> 45F5 5CC5B5 =19 3?<<571D? 1 @B5C5
1B9C@1B=9? 5>5B75D93? 5<5DDB?>9385 5 14 9>F5BD5B 385
DB1C6?B=1>? 3?BB5>D5 3?>D9>E1 9> 3?BB5>D5 1<D5B>1D1
1- @5B 5C
9=@91>D9 C?<1B9 @5B <1 @B?4EJ9?>5
495>5B791 B5D9 5<5DDB9385 >1F1<9
;:;?/1>1 8-<<->1//45;
(E5CD? <92B5DD? 49CDBEJ9?>9 Y F1<94? @5B 49F5BC9 =?45<<9
%5<<5 9<<ECDB1J9?>9 C?>? @?CC929<9 49665B5>J5
g '1>>5<<? 3?=1>49
>D5BBEDD?B5 @B9>39@1<5
*9CD5=1 %? B?CD
<<E=9>1J9?>5 #
*@?BD5<<? 45< 3?>75<1D?B5
)9@91>? 9> F5DB?
1CC5DD? CEB75<1D9 @933?<?
1CC5DD? CEB75<1D9 7B1>45
@5BDEB1 49 166<ECC? 5 456<ECC? 45<<1B91
$-::188; /;9-:05
$A8?-:@1 05 -88->91
*5BF5 @5B 49C1DD9F1B5 9< C57>1<5 13ECD93?
-54931@9D?<? L*57>1<5 13ECD93?N
$A8?-:@1 H'A<1>I /;:318-@;>1
9C@?C9D9F? @5B 1DD9F1B5 ? 49C1DD9F1B5 9< CE@5Bg
3?>75<1=5>D?
$A8?-:@1 05 >13;8-F5;:1 @19<1>-@A>- /;:318-@;>1
?> 9< @E<C1>D5 C9 B57?<1 <1 D5=@5B1DEB1 45<
3?>75<1D?B5
:05/-@;>1 @19<1>-@A>- 018 /;:318-@;>1
>E=5B9 3?BB9C@?>4?>? 1<<5 D5=@5B1DEB5
45<3?>75<1D?B5 B57?<1D5 9> M.
@@1:F5;:1 -88- @19<1>-@A>- -9.51:@1
10 -88- B1:@58-F5;:1
?@>AF5;:5 <1> 58 2A:F5;:-91:@;
#1@@1B53389? Y @B?75DD1D? @5B E>1 45D5B=9>1D1 3<1CC5
3<9=1D931
> 6E>J9?>5 45<<1 3<1CC5 3<9=1D931
<1@@1B53389? @E` 5CC5B5 EC1D? 1<<5 C57E5>D9 D5=@5B1DEB5
1=295>D5
#1 3<1CC5 3<9=1D931 Y 9>4931D1 CE<<1 D1B785DD1 @?BD1g41D9 1
C9>9CDB1 9> 21CC? >5<<9>D5B>? 45<<1@@1B53389?
8-??1 /859-@5/-
'"
M 1 M
"
M 1 M
'(
M 1 M
(
M 1 M
D
D
D
D
(E1>4? 9< 3?>75<1D?B5 81 B1779E>D? <1 CE1
D5=@5B1DEB1 49 C5BF9J9? <1 C@91 D5=@5B1DEB1
YC5=@B5 1335C1
< <1D? 1>D5B9?B5 45<<1@@1B53389? Y 9> @1BD5
<5775B=5>D5 B9C31<41D? AE5CD? 9=@549C35
<16?B=1J9?>5 49 3?>45>C1 >5<<1 J?>1 45<<1
7E1B>9J9?>5 45<<1 @?BD1
*5 4?@? <1 389ECEB1 45< 3?>75<1D?B5 <1 @?BD1
4?F5CC5 B5C9CD5B5 14 E>1 >E?F1 9==5491D1 1@5BDEB1
Y >535CC1B9? 1DD5>45B5 4E5 ? DB5 =9>ED9 69>38Z >?>
C93?=@5>C1 <1 45@B5CC9?>5 6?B=1D1C9 >5<<9>D5B>?
B1J95 1< C9CD5=1 1ED?=1D93? >?6B?CD >5< 3?>75<1D?B5
>?> C9 6?B=1 =19 7891339?
,>? C2B9>1=5>D? >?>
Y@9d >535CC1B9?
*1:@58-F5;:1
#1B91 B9C31<41D1 45F5 @?D5B 456<E9B5 <925B1=5>D5
<DB9=5>D9 9< B56B975B1D?B5 45F5 <1F?B1B5 49 @9d
(E5CD?1E=5>D1 9< 3?>CE=? 49 5>5B791 5<5DDB931
'5B39` %?> 3?@B9B5 ? ?CDBE9B5 <1@5BDEB1 @1CC1779?
45<<1B91
&13;8->1 8- @19<1>-@A>;:318-@;>1
B57?<129<5 41 M 1 M
//1:01>1 8-<<->1//45;
DD9F1B5 <1@@1B53389? DB1=9D5 <9>D5BBEDD?B5 @B9>39@1<5
-95>5 5=5CC? E> C57>1<5 13ECD93? 9< @E<C1>D5 1<<1B=5 5
<9>4931D?B5 49 D5=@5B1DEB1 <1=@57791>?
'B5=5B5 B9@5DED1=5>D5 9< @E<C1>D5 49 B57?<1J9?>5
D5=@5B1DEB1 69>38Z >?> Y 9=@?CD1D1 <1 D5=@5B1DEB1
45<3?>75<1D?B5 45C945B1D1
#E<D9=? F1<?B5 B57?<1D? F95>5
=5=?B9JJ1D?
#1 D5=@5B1DEB1 B57?<1D1 F95>5 F9CE1<9JJ1D1 >5< 49C@<1I
%5< 3?>75<1D?B5 3?>C97<91=? E>1 B57?<1J9?>5 49 M
'5B 49C1DD9F1B5 9< C57>1<5 13ECD93? @B5=5B5 9< @E<C1>D5
491<<1B=5
#1 C@91 45< @E<C1>D5 49 1<<1B=5 B5CD1 1335C1 5 <9>4931D?B5
45<<1 D5=@5B1DEB1 <1=@57791 C9>? 1< B1779E>79=5>D?
45<<5 D5=@5B1DEB5 C5<5J9?>1D5
'13:-81 -/A?@5/;
5?-@@5B->1 58 ?13:-81 -/A?@5/;
BB5?; 05:5F5; ?/;:318-91:@;
'B5=5>4? 9< @E<C1>D5 49 1<<1B=5 9< C57>1<5 13ECD93?
C949C1DD9F1 5 <1 C@91 F95>5 B9=5CC1 9> CD1>4g2I
*5 9< 7ECD? <?4?B5 5 <1C@5DD? C?>? 9>F1B91D9 7<9 1<9=5>D9
@?CC?>? 5CC5B5 49 >E?F? 3?>75<1D9 4?@? <1 @B5@1B1J9?>5
=5491>D5 3?DDEB1 ? 1BB?CD?
'13:-81 -/A?@5/; <;>@#1<<1B=5 13ECD93? @?BD1 C9 1DD9F1 C5 <1 @?BD1
45<<1@@1B53389? Y 1@5BD1 @5B ?<DB5 E> =9>ED?
-95>55=5CC? E> C57>1<5 13ECD93? 49 1FF9C? 3?>D9>E?
'13:-81 -/A?@5/; @19<1>-@A>< C57>1<5 13ECD93? 49 D5=@5B1DEB1 C9 1DD9F1 C5 <1
D5=@5B1DEB1 >5< 3?>75<1D?B5 1E=5>D1 DB?@@?
,>C57>1<5 13ECD93? 3?>D9>E? F95>5 5=5CC?
$A8?-:@1 :05/-@;>1 05 '<513-F5;:1
05 -88->91 @19<1>-@A>1335C?
9>D5B=9DD5>D5 BB5?; 05:5F5;
?/;:318-91:@;
CEB75<1D9 ?;:; 5: @5B93?<?
9>D5Bg
=9DD5>D5
1335C?
BB5?; 05:5F5;
?/;:318-91:@;
> @B53545>J1 <1 D5=@5B1DEB1
Y1E=5>D1D1 DB?@@?
CEB75<1D9
C?>? 9> @5B93?<?
BB5?; @19<1>-@A>*5>J1 @5B93?<? @5B 7<9 1<9=5>D9 CEB75<1D9 9< C57>1<5
13ECD93? @E` 5CC5B5 5=5CC?
D
<<1 =5CC1 9> 6E>J9?>5 45<<1@@1B53389?
D
<<9>DB?4EJ9?>5 49 7B1>49 AE1>D9DU 49 1<9=5>D9 6B5C389
D
(E1>4? C9 D95>5 1@5BD1 DB?@@? 1 <E>7? <1 @?BD1 45<
3?>75<1D?B5
9>D5B=9DD5>D5 BB5?; @19<1>-@A>-
<9 1<9=5>D9 3?>75<1D9 >?> C?>?
9> @5B93?<?
9>D5Bg
=9DD5>D5
%?> ED9<9JJ1B5 @9d 9>D5B1=5>D5 <1 4EB1D1 =1H
493?>C5BF1J9?>5
-<-/5@L A@581 @;@-81
41D9 45< F?<E=5 ED9<5 C?>? 9>4931D9 CE<<1 D1B785DD1
4945>D96931J9?>5 45<<1@@1B53389?
;:318->1 1 /;:?1>B->1
/=A5?@->1 ?A>318-@5
D
'5B 9>C5B9B5 9< 31CC5DD? CEB75<1D9 3?> <5 7E945
495CDB1J9?>5 <5 7E945 45F?>? 5CC5B5 5CDB1DD5
D
@B9B5 <? C@?BD5<<? 45< 3?>75<1D?B5 =1>D5>5B5 E>? 459
@5B>9 49 CE@@?BD? 54 5CDB1BB5 41 AE5CD? <? C@?BD5<<?
#1 3?>65J9?>5 >?> 45F5 5CC5B5 41>>57791D1
)9C@5DD1B5 <1 41D1 49 3?>C5BF1J9?>5
+5=@5B1DEB1 >5<<5C@?C9D?B5g3?>75<1D?B5 °
?9>65B9?B5
+B1C@?BD1B5 7<9 1<9=5>D9 CEB75<1D9 @?CC929<=5>D5 9> E>1
2?BC1 D5B=931 5 3?>C5BF1B<9 @?9 1< @9d @B5CD? @?CC929<5
>5<3?>75<1D?B5
;:?1>B-F5;:1 01385 -8591:@5 /;:318-@5
'5B <1 3?BB5DD1 39B3?<1J9?>5 45<<1B91 1<<9>D5B>?
45<<1@@1B53389? Y 9=@?BD1>D5 C@9>75B5 1 6?>4? 931CC5DD9
@5B @B?4?DD9 3?>75<1D9
?>75<1B5 7B1>49 AE1>D9DU 49 1<9=5>D9 @B565B929<=5>D5 >57<9
C3?=@1BD9 CE@5B9?B9 AE9 5CC9 F5>7?>? 3?>75<1D9 =?<D?
B1@941=5>D5 5 @5B39` 1>385 C1<F17E1B41>4?>5
<5@B?@B95DU
%?> 3?@B9B5 3?> 1<9=5>D9 3?>75<1D9 <5 65CCEB1 49
F5>D9<1J9?>5 >5<<1 @1B5D5 @?CD5B9?B5
'5B 3?>C5BF1B5 E>1 7B1>45 AE1>D9DU 49 1<9=5>D9
Y@?CC929<5 3?<<?31B<9 49B5DD1=5>D5 CE9 B9@91>9 49 F5DB? 5 CE<
6?>4? 45< 3?>75<1D?B5
D1< 69>5 5CDB1BB5 41<<1@@1B53389?
DEDD9 7<9 C@?BD5<<9 45< 3?>75<1D?B5 54 9 31CC5DD9 @5B CEB75<1D9
D
CDB1BB5 9 31CC5DD9 69>? 1<<1BB5CD? C?<<5F1B<9 1F1>D9 54
5CDB1B<9
;:318-91:@; 05 -8591:@5 2>1?/45
;:318->1 -8591:@5
;:318->1 5: <>;<>5; -8591:@5
,D9<9JJ1B5 @5B 9< 3?>75<1=5>D? C?<? 1<9=5>D9 6B5C389
549>D57B9
'5B 3?>75<1B5 1<9=5>D9 9> @B?@B9? ED9<9JJ1B5 C?<? @B?4?DD9
6B5C389 5 9>D57B9
';:; -0-@@5 <1> 58 /;:318-91:@;
31B>9 54 9>C1331D9 49 31B>5 @?<<1=5 5 C5<F1779>1 @5C35
F5B4EB1 5B25 1B?=1D9385 6BEDD1 @B?4?DD9 41 6?B>? @9JJ1
3929 @B?>D9 B5CD9 49 1<9=5>D9 B?CC? 5 291>3? 4E?F?
";: ?;:; -0-@@5 <1> 58 /;:318-91:@;
%?> =5DD5B5 7<9 1<9=5>D9 41 3?>75<1B5 9> 3?>D1DD?
3?>AE5<<9 3?>75<1D9
?>C5BF1B5 7<9 1<9=5>D9 9> 3?>65J9?>9 5B=5D9385 @5B
5F9D1B5 385 @5B41>? 9< <?B? 7ECD? ? @?CC1>? 5CC9331BC9
!-D /-<-/5@L 05 /;:318-91:@;
>4931J9?>9 CE<<1 =1H
@?CC929<9DU 49 3?>75<1=5>D? 9>
?B5 C?>? B9@?BD1D5 CE<<1 D1B785DD1 4945>D96931J9?>5
E?F1 9>D5B5 >5<<1 2E3391 @1>>1 13941 5 =19?>5C5
9>C1<1D5 9> 6?7<91 B1F1>5<<9 B161>9 5 39@?<<5
$1> 58 /;>>1@@; /;:21F5;:-91:@;
'/;@@->1 B1>0A>- 1 2>A@@-
'5B 3?>C5BF1B5 3?<?B5 7ECD? 1B?=1 5 F9D1=9>1 LN
C3?DD1B5 <1 F5B4EB1 5 <1 6BEDD1 @B9=1 45< 3?>75<1=5>D?
'5B <1 C3?DD1DEB1 9==5B75B5 F5B4EB1 5 6BEDD1 @5B 2B5F5
D5=@? 9> 13AE1 2?<<5>D5
> <92B5B91 C?>? 9> F5>49D1 @E22<931J9?>9 CE< 3?>75<1=5>D?
>5<<5 AE1<9 C9 45C3B9F5 1>385 9< @B?3549=5>D? 49
C3?DD1DEB1
1B5 EC39B5 <1B91
>DB?4EBB5 7<9 1<9=5>D9 >5<<1 3?>65J9?>5
89E45B5 <1 3?>65J9?>5 5B=5D931=5>D5
*3B9F5B5 CE<<1 3?>65J9?>5 9< 3?>D5>ED? 5 <1 41D1
493?>75<1=5>D?
!-@1>5-85 -0-@@5 <1> 58 /;:21F5;:-91:@;
6?7<9 49 @<1CD931 6?7<9 DE2?<1B9 49 @?<95D9<5>5 6?7<9 49
1<<E=9>9? 5 3?>D5>9D?B9 @5B 3?>75<1B5
(E5CD9 @B?4?DD9
C?>? 9> F5>49D1 >5< 3?==5B39? C@5391<9JJ1D?
!-@1>5-85 5:-0-@@5 <1> 58 /;:21F5;:-91:@;
31BD1 @5B 9=21<<1779? 31BD1 @5B71=5>1 35<<?61>
C13385DD9 @5B B969ED9 5 C13385DD9 @5B <1 C@5C1 EC1D9
!-@1>5-85 -0-@@5 <1> 8- /45A?A>-
1>5<<9 49 7?==1 3<9@ 49 @<1CD931 69<9 @5B <571B5 >1CDB9
145C9F9 B5C9CD5>D9 1< 6B544? 5 C9=9<9
C13385DD9 54 9 6?7<9
DE2?<1B9 49 @?<95D9<5>5 @?CC?>? 5CC5B5 C1<41D9 3?> E>
C1<41D?B5 @5B 6?7<9 49 @<1CD931
A>-@- 05 /;:?1>B-F5;:1 015 ?A>318-@5
9@5>45 41< D9@? 49 @B?4?DD? 1<9=5>D1B5
4E>1B57?<1J9?>5 49 D5=@5B1DEB1 49 M
D
'5C35 C1<C93391 @95D1>J5 @B?>D5 @B?4?DD9 41 6?B>?
69>? 1 =5C9
D
?B=1779? @?<<1=5 31B>5
69>? 1 =5C9
D
-5B4EB1 6BEDD1
69>? 1 =5C9
'A<1>Y/;:318-91:@;
'5B 3?>C5BF1B5 F9D1=9>5 F1<?B9 >EDB9D9F9 1C@5DD? 5 7ECD?
7<9 1<9=5>D9 45F?>? 5CC5B5 3?>75<1D9 3?=@<5D1=5>D5
1>385 >5<<9>D5B>? >5< D5=@? @9d 2B5F5 @?CC929<5
*-?/41@@- <1> 345-//5;
669>38Z >5<<9>DB?4EJ9?>5 49 1<9=5>D9 6B5C389 >?> F9 C91
E>9>45C945B1D? 1E=5>D? 45<<1 D5=@5B1DEB1 1DD9F1B5
9<CE@5Bg3?>75<1=5>D? AE1<385 ?B1 @B9=1 49 9>DB?4EBB5
7<91<9=5>D9 6B5C389
//1:01>1 1 ?<13:1>1
'B5=5B5 9< @E<C1>D5 LCE@5BN (E1>4? 9< CE@5Bg3?>75<1=5>D? Y 9>C5B9D? 9< @E<C1>D5 Y
1335C?
?@? O79?B>9 9< CE@5Bg3?>75<1=5>D? C9 49C9>C5B9C35
1ED?=1D931=5>D5
";@?> 9< CE@5Bg3?>75<1=5>D? Y 9>C5B9D? =1779?B9 C?>?
9BE=?B9 49 6E>J9?>1=5>D?
;@-F5;:1 018 /;:318-@;>1
>?> 9> DEDD9 9 =?45<<9
)95=@9B5 <5 F1C385DD5 @5B P 3?> 13AE1 5 @?B<5 >5<
3?>75<1D?B5
*D1331B5 <1 F1C385DD1 45< 7891339? 5F5>DE1<=5>D5
1DD1331D1 C?<? 3?> E> ?775DD? >?> 13E=9>1D? =1>93?
493E338919?
'5B CD1331B5 9 3E25DD9 49 7891339? =5DD5B5 2B5F5=5>D5
<1F1C385DD1 C?DD? 13AE1 3?BB5>D5 ?@@EB5 D?B35B<1
<5775B=5>D5
'/;:318-91:@; 015 <>;0;@@5 /;:318-@5
//A9A8-@;>5 018 2>100;
*53?>4? 9< D9@? 5 <? C3?@? 4EC? Y @?CC929<5 C357<95B5
6B1<5 C57E5>D9 @?CC929<9DU
D
1 D5=@5B1DEB1 1=295>D5
D
>5< 6B97?B965B?
D
>5< 6?B>? 5<5DDB93? 3?>C5>J1 F5>D?<1 1B91 31<41
D
>5< 6?B>? 1 =93B??>45
BB1>@1:F-
#133E=E<1D?B5 45< 6B544? B9D1B41 9< B9C31<41=5>D? 457<9
1<9=5>D9 3?>C5BF1D9 9> 31C? 49>D5BBEJ9?>5 45<<5>5B791
5<5DDB931 ? 49 7E1CD?
#133E=E<1D?B5 45< 6B544? @E`
5CC5B5 5CDB1DD? 1>385 @5B B166B5441B5 D5=@?B1>51=5>D5
1<9=5>D9 @5B 5C
9> E>1 2?BC1 6B97?
%?> 3?>75<1B5 49 >E?F? 7<9 1<9=5>D9 @1BJ91<=5>D5
53?=@<5D1=5>D5 C3?>75<1D9
CC9 @?CC?>? 5CC5B5
49>E?F? 3?>75<1D9 C?<? 4?@? 1F5B5 @B5@1B1D? 3?> 5CC9
=5491>D5 AE1<C91C9 D9@? 49 3?DDEB1 3929 @B?>D9
%?> ED9<9JJ1B5 @9d 9>D5B1=5>D5 <1 4EB1D1 =1H
493?>C5BF1J9?>5
'<13:1>1 8-<<->1//45;
$A85F5- 0188-<<->1//45;
'B5=5B5 <9>D5BBEDD?B5 @B9>39@1<5
< 7BE@@? B56B975B1>D5 5 <9<<E=9>1J9?>5 9>D5B>1
C9C@5>7?>?
@@1:F5;:1
!1@@1>1 2A;>5 ?1>B5F5; 8-<<->1//45;
(E1>4? >?> C9 EC1 <1@@1B53389? @5B E> <E>7? @5B9?4?
*@57>5B5 <1@@1B53389?
CDB1BB5 <1 C@9>1 49 1<9=5>D1J9?>5 ? 49C9>C5B9B5
9<49C@?C9D9F? 5<5DDB93? 49 C93EB5JJ1
'5B <1 @E<9J91 >?> ED9<9JJ1B5 @B?4?DD9 12B1C9F9 C?<F5>D9
?13949
%?> EC1B5 C@E7>5 12B1C9F5 ? C@E7>5 385 7B16691>?
*E<<5CE@5B6939 =5D1<<9385 45<<1@@1B53389? @?DB5225
6?B=1BC9 =133895 41 3?BB?C9?>5
%?> <1F1B5 =19 9> <1F1CD?F97<95 9 B9@91>9 54 9 3?>D5>9D?B9
(E5CD9 5<5=5>D9 C9 @?CC?>? 456?B=1B5
?@>->>1 5 >5<5-:5 05 B1@>;
'E<9B5 <1@@1B53389?
#1C391B5 1@5BD1 <1 @?BD1 45<<1@@1B53389?
'/;:318-91:@;
;:318-@;>1
B1J95 1< C9CD5=1 %?6B?CD 3?=@<5D1=5>D5 1ED?=1D93?
>5< 3?>75<1D?B5 >?> C9 6?B=1 7891339?
,>? C2B9>1=5>D?
>?> Y @9d >535CC1B9?
D
'B9=1 49 9>9J91B5 <1 @E<9J91 C@57>5B5 <1@@1B53389?
D
CDB1BB5 <1 C@9>1 49 1<9=5>D1J9?>5 ? 49C9>C5B9B5
9<49C@?C9D9F? 5<5DDB93? 49 C93EB5JJ1
D
D
CDB1BB5 9 @B?4?DD9 3?>75<1D9 5 D5>5B<9 1< 6B5C3?
9C@?BB5 CE7<9 1<9=5>D9 7<9 133E=E<1D?B9 45< 6B544?
C549C@?>929<9
'E<9B5 <1@@1B53389? 3?> E> @1>>? =?B294? 5 13AE1
D95@941 <5775B=5>D5 C1@?>1D1
F9D1B5 385 <13AE1
@5>5DB9 >5<<E>9DU 49 9<<E=9>1J9?>5
D
#1F1B5 <1 7E1B>9J9?>5 45<<1 @?BD1 C?<? 3?> 13AE1
541C39E71B<1 3?> 3EB1
D
?@? <1 @E<9J91 B93?<<571B5 54 1335>45B5
<1@@1B53389?
88A95:-F5;:1 &A9;>5 05 2A:F5;:-91:@;
#1@@1B53389? Y 4?D1D? 49 E>9<<E=9>1J9?>5 1 # 5C5>D5
41 =1>ED5>J9?>5
&A9;>5 :;>9-85
&;:F5; 9< 7BE@@? 6B97?B965B? Y 9> 6E>J9?>5
$>A01:F- 88A95:-F5;:1 1C39? 49 <E35 <1C5B 45<<1 3<1CC5 $ >?B=1 %?> 7E1B41B5 3?> CDBE=5>D9 ?DD939 49B5DD1=5>D5 >5<
B1779?
'5B93?<? 49 <5C9?>9 17<9 ?3389
)9@1B1J9?>9 1 AE5CD1 9<<E=9>1J9?>5 45F5 5CC5B5 5C57E9D5
C?<? 41< *5BF9J9? CC9CD5>J1 <95>D9 ? 41 D53>939
C@5391<9JJ1D9
&5?<->95->1 1:1>35D
D
D
D
D
>CD1<<1B5 <1@@1B53389? E> 9> 1=295>D5 1C39EDD?
F5>D9<129<5
#1@@1B53389? >?> 45F5 5CC5B5 5C@?CD?
49B5DD1=5>D5 1< C?<5 ? F939>? 14 E>1 6?>D5 49 31<?B5
@5B 5C
31<?B965B? CDE61
<DB9=5>D9 EC1B5 E> @1>>5<<?
9C?<1>D5
@B9B5 <5 @?BD5 45<<1@@1B53389? 9< D5=@? @9d 2B5F5
@?CC929<5
&A9;>5 05 3;>3;38R; ?/>;?/5; ? >;:F5; h 9< B56B975B1>D5
C3?BB5 1DDB1F5BC? 9 DE29
'/-@@; 9< =?D?B5 C9 1335>45 ? C9 C@57>5
B5@->1 5 >A9;>5
-<<->1//45; :;: O 85B188-@;
$5DD5B5 9> 2?<<1 9< F1>? 49>31CC? 3?> E>1 <9F5<<1 )57?<1B5
<5 F9D9 459 @9549>9 @?CD9 >5<<1 >933891 ? 9>D5B@?BB5 457<9
C@5CC?B9
-??1@@5 /1?@5 ; >5<5-:5 @>-.-88-:; ; ?;:; 5:/-?@>-@5
?>DB?<<1B5 <5 @1BD9 5CDB1929<9 54 5F5>DE1<=5>D5 9>C5B9B<5
49>E?F? 3?BB5DD1=5>D5
;:@1:5@;>5 ?5 @;//-:;
<<?>D1>1B5 <5775B=5>D5 9 3?>D5>9D?B9
'5B 3?>D5>5B5 9 3?>CE=9 49 5>5B791 5<5DDB931 @E<9B5
6B5AE5>D5=5>D5 <5 7B97<95 49 @1CC1779? 45<<1B91 3?>
E> 1C@9B1@?<F5B5 ? E> @5>>5<<?
#1C391B5 B166B5441B5 9 3929 31<49 @B9=1 49 =5DD5B<9 >5<
6B97?B965B?
'5B C3?>75<1B5 9 CEB75<1D9 =5DD5B<9 >5< 6B97?B965B?
*9C6BEDD1 3?C] 9< 6B544? 45< CEB75<1D? @5B B166B5441B5
7<9 1<9=5>D9
8595:->1 <5//;85 3A-?@5
$>59- 05 >5B;831>?5 -8 /A?@;91> ?1>B5/1
@B?F1B5 14 5<9=9>1B5 41 C?<9 <9>3?>F5>95>D5 3?> <19ED? 45<<5 C57E5>D9 9CDBEJ9?>9
#9>D5BF5>D? 45< *5BF9J9? CC9CD5>J1 <95>D9 9> 31C? 49 3?BB5DD? 6E>J9?>1=5>D? 45< @B?4?DD? Y 1 31B93? 45< 3?>CE=1D?B5
A-?@;
-A?- <;??5.581
- @19<1>-@A>- ?5
05?/;?@- :;@1B;891:@1
0-881 59<;?@-F5;:5
5:5F5-85
&59105;
> 1<3E>9 31C9 21CD1 C@57>5B5 <1@@1B53389? @5B
=9>ED9
*5 <1 D5=@5B1DEB1 Y DB?@@? -8@- 3?>DB?<<1B5 4?@?
AE1<385 ?B1 C5 F9 Y CD1D1 E>1 >?B=1<9JJ1J9?>5 45<<1
D5=@5B1DEB1
*5 <1 D5=@5B1DEB1 Y DB?@@? .-??- B93?>DB?<<1B5
<1D5=@5B1DEB1 9< 79?B>? C57E5>D5
(A@@1 81 ?<51 ?<1:@1
>D5BBEJ9?>5 45<<5>5B791 5<5DDB931
YC31DD1D? 9< 49C@?C9D9F? 5<5DDB93? 49
C93EB5JJ1 <1 C@9>1 41<9=5>D1J9?>5
>?> Y 9>C5B9D1 3?BB5DD1=5>D5
?>DB?<<1B5 C5 F9 Y 5>5B791 5<5DDB931 9< 49C@?C9D9F?
5<5DDB93? 49 C93EB5JJ1 45F5 5CC5B5 9>C5B9D?
8 >12>531>-@;>1 ?5
-//1:01 ?19<>1 <5V
?<1??; 1 <5V - 8A:3;
#5 7B97<95 45< @1CC1779? 45<<1B91
C?>? ?CDBE9D5
#925B1B5 <5 1@5BDEB5
-<<->1//45; :;:
>-22>100-
(A@@1 81 ?<51 ?<1:@1
>D5BBEJ9?>5 45<<5>5B791 5<5DDB931
'B5=5B5 <9>D5BBEDD?B5 @B9>39@1<5 -549 31@9D?<?
L?>?C35B5 <1@@1B53389?N
-<<->1//45; :;:
>-22>100- 81 ?<51 0188@19<1>-@A>18588A95:-F5;:1
5:@1>:-?;:; -//1?1
D
#9>D5BBEDD?B5 49 C93EB5JJ1
YC31DD1D?
D
#1 C@9>1 41<9=5>D1J9?>5 >?>
Y9>C5B9D1 3?BB5DD1=5>D5
< @B?7B1==1 L49=?CDB1D9F?N
Y1DD9F?
?>DB?<<1B5 C5 F9 Y 5>5B791 5<5DDB931 5 3?>DB?<<1B5
9<49C@?C9D9F? 5<5DDB93? 49 C93EB5JJ1
$1>D5>5B5 @B5=ED? 9< @E<C1>D5 <1B= @5B
C53?>49 69>38Z >?> F95>5 5=5CC? E> C57>1<5
13ECD93? 49 3?>65B=1
-549 31@9D?<? L'1>>5<<?
3?=1>49N
?@? AE1<385 D5=@? 3?>DB?<<1B5 C5 <1@@1B53389?
B166B5441
588A95:-F5;:1 5:@1>::;: 2A:F5;:-
1 ?<51 /41 5:05/-:;
8-@19<1>-@A>8-9<1335-:;
#9<<E=9>1J9?>5 3?> 9< #
Y7E1CD1
-549 31@9D?<? L <<E=9>1J9?>5 #N
#1 @?BD1 Y B9=1CD1 DB?@@? D5=@?
1@5BD1
#9<<E=9>1J9?>5 C9 C@57>5 C?<?
4?@? 31
=9>
#9<<E=9>1J9?>5 C9 B91335>45 389E45>4? 5 B91@B5>4?
<1@?BD1
B5AE5>D5 1@5BDEB1 45<<1 @?BD1
45<<1@@1B53389?
%?> 1@B9B5 9>ED9<=5>D5 <1 @?BD1
*?>? CD1D9 9>DB?4?DD9 =?<D9 1<9=5>D9
*51:1 191??; A:
?13:-81 -/A?@5/;
8-?<5- @19<1>-@A>8-9<1335-
E1CD? h >5< 3?>75<1D?B5 <1
D5=@5B1DEB1 Y DB?@@? 1<D1
$1>5/;8; <1> 385 -8591:@5
DD9F1B5 <1 6E>J9?>5 *E@5Bg3?>75<1=5>D? @B9=1
499>DB?4EBB5 9 3929
-549 31@9D?<? L*57>1<5 13ECD93?N
'1>B5F5; ??5?@1:F- 851:@5
+B?F1B5 E> *5BF9J9? CC9CD5>J1 <95>D9 >5<<5 F939>1>J5
>5<<5<5>3? 459 35>DB9 49 1CC9CD5>J1 ? >5<<5<5>3?
D5<56?>93?
>4931D5 1< *5BF9J9? CC9CD5>J1 <95>D9
1ED?B9JJ1D? <1 C97<1 45< @B?4?DD? %B
5 9< >E=5B?
496122B931J9?>5 g%B
45<<1@@1B53389?
E - Nr
FD - Nr
+B?F1D5 AE5CD9 41D9 CE<<1 D1B785DD1 4945>D96931J9?>5
>4931>4? <1 C97<1 45< @B?4?DD? 54 9< >E=5B? 49
6122B931J9?>5 3?>DB92E9D5 14 5F9D1B39 9>D5BF5>D9 9>ED9<9
)9C@1B=91D5 3?C] <1 B5<1D9F1 C@5C1
:8
:4;A0?;<3-B1
-:C56F5:31: ;B1> 01 -2B;1> *158534150?.1<-85:31: 1:C-->?/4AC5:31: <<->--@ ;<?@1881: <<->--@ --:?8A5@1: 1::5?9-75:3 91@ 41@ -<<->--@ 1051:5:3?<-:118 1@ ;< 01 ;931B5:3?@19<1>-@AA>
1:01.18A/4@5:3 :?/4-7181: B-: 41@ -<<->--@ :?@1881: B-: 01 @19<1>-@AA> 8->9?53:--8 "A@@531 5:4;A0 :B>51F1: 1: ;<?8--: *1>?1 81B1:?9500181: 5:B>51F1: 1B1:?9500181: 5:B>51F1: 'A<1>B>51F1: )5@B;1>5:3 B-: 01 051<B>51?>A59@1 #:@0;;51: B-: 051<B>51?C->1: )5@?/4-7181: B-: 41@ -<<->--@ #:@0;;51: '/4;;:9-71: B-: 41@ -<<->--@ *1>85/4@5:3 :1>351 .1?<->1: 10>562?318A501: 815:1 ?@;>5:31: F182 B1>418<1: '1>B5/1051:?@ -:C56F5:31: ;B1> 01 -2B;1>
x 2B;1>1: B-: 01 B1><-775:3 B-: AC
:51AC1 -<<->--@
5 F5B@1;;9>7 25C385B=D EG 1@@1B11D D575>
DB1>C@?BDC38145
5 752BE9;D5 =1D5B91<5> J9:>
?>C38145<9:; F??B 85D =9<95E 5> ;E>>5> ?@>95EG G?B45>
752BE9;D
5<@ 411B?= =55 5> J?B7 41D 45 F5B@1;;9>7
=9<95EFB95>45<9:; G?B4D 1675F?5B4
, ;E>D 29: EG <5F5B1>395B ?6 29: 45 B59>979>7C495>CD 9> EG
75=55>D5 9>6?B=5B5> 8?5 E EG ?E45 1@@1B11D 5> 85D
F5B@1;;9>7C=1D5B911< F1> 85D >95EG5 1@@1B11D ;E>D <1g
D5> 16F?5B5> F??B 55> =9<95EFB95>45<9:;5 F5BG5B;9>7
x 2B;1> B-: 41@ ;A01 -<<->--@
*158534150?.1<-85:31:
1:C-->?/4AC5:31:
*;;>0-@ A 41@ -<<->--@ 5: 31.>A57
:119@
#55C 45 752BE9;C11>G9:J9>7 5> 85D 9>CD1<<1D95F??BC38B96D
>1EG;5EB97 4??B
, F9>4D 411B9> 25<1>7B9:;5 9>6?B=1D95 ?F5B @<11DC9>7
752BE9; 5> ?>45B8?E4 F1> 85D 1@@1B11D
5G11B 45 752BE9;C11>G9:J9>7 5> 85D =?>D175F??BC38B96D
F??B <1D5B 752BE9; ?6 F??B 55> 5F5>DE5<5 <1D5B5 25J9DD5B
(1/4:5?/41 B158534150
D
&E45 1@@1B1D5> J9:> 755> G11B45<??C 16F1<
??B 55> =9<95EFB95>45<9:;5 16F?5B ;E>>5> G11B45F?<<5
7B?>4CD?665> G?B45> D5BE775G?>>5>
9D 1@@1B11D 9C 75;5>=5B;D 9> ?F5B55>CD5==9>7 =5D
45 EB?@5C5 B938D<9:> 25DB5665>45
167541>;D5 5<5;DB9C385 5> 5<5;DB?>9C385 1@@1B1DEEB
G1CD5 5<53DB931< 1>4 5<53DB?>93 5AE9@=5>D h .
5J5 B938D<9:> 7556D 85D ;145B 11> F??B 55> 9> 45 ,
75<45>45 D5BE7>1=5 5> F5BG5B;9>7 F1> ?E45
1@@1B1D5>
!
5D 1@@1B11D 25F1D 55> 75B9>75 8?5F55<8594 F1> 85D
=9<95EFB95>45<9:;5 =11B 2B1>421B5 ;?5<=9445< )1
#5D 5B?@ 41D 45 <5949>75> F1> 85D ;?5<39B3E9D 29: 85D
DB1>C@?BD ?6 45 9>CD1<<1D95 >95D 25C3814974 G?B45>
"?5<=9445< 41D >11B 2E9D5> C@E9D ;1> F<1= F1DD5> ?6
D?D ??7<5DC5< <5945>
56 .1?/4-0535:3
&@5> FEEB ?6 1>45B5 ?>DCD5;9>7C2B?>>5> E9D
452EEBD F1> 85D 1@@1B11D 8?E45>
CD5;;5B E9D 85D CD?@3?>D13D DB5;;5>
)E9=D5 754EB5>45 55> @11B =9>ED5> 7?54
<E38D5>
+-->?/4AC5:3
9: 167541>;D5 1@@1B1D5>
?>D13D ?@>5=5> =5D 45 *5BF935495>CD
*D5;;5B E9D 85D CD?@3?>D13D DB5;;5>
?5 =55B ;?5<=9445< 85D 1@@1B11D 25F1D 45C D5
7B?D5B =?5D 45 BE9=D5 J9:> G11B9> 85D 1@@1B11D G?B4D
?@75CD5<4
> 55> D5 ;<59>5 BE9=D5 ;1> 29: 55> <5; 55>
?>DF<1=211B =5>7C5< F1> 71C 5> <E38D ?>DCD11>
1>C<E9D;125< 4??B;>9@@5> 5> C1=5> =5D 45 CD5;;5B
F5BG9:45B5>
'5B 7 ;?5<=9445< =?5D 45 BE9=D5 =9>9=11< =
7B??D J9:>
5 8?5F55<8594 ;?5<=9445< 9> EG 1@@1B11D
F9>4D E ?@ 85D DI@5@<11D:5 11> 45 29>>5>;1>D F1> 85D
1@@1B11D
"?5<1@@1B1D5> 25F1DD5> ;?5<=9445< 5> 9> 45 9C?<1D95 71C
495 J?B7FE<497 =?5D5> G?B45> 1675F?5B4
$5D 85D ??7
?@55> 4?5<=1D975 5> =9<95EFB95>45<9:;5 16F?5B =?75> 45
<5949>75> F1> 85D ;?5<39B3E9D D?D 85D =?=5>D F1> DB1>C@?BD
>95D 25C3814974 G?B45>
D
5D F5BF1>75> F1> 45 5<5;DB9C385 ;125< 5> 1>45B5
B5@1B1D95C =?75> 1<<55> 4??B 45 *5BF935495>CD
G?B45> E9D75F?5B4
&>F1;;E>4975 9>CD1<<1D95 5>
B5@1B1D95C ;E>>5> 7B??D 75F11B ?@<5F5B5> F??B
4525J9DD5B
56 41@ 31.>A57
D
D
D
D
D
D
%??9D 5<5;DB9C385 1@@1B1D5> 9> 85D 1@@1B11D
752BE9;5> 29:F
F5BG1B=9>7C1@@1B1D5> 5<5;DB9C385
9:C=1;5B 5D3
1B--> B;;> 1D<8;?51
5D 1@@1B11D >??9D =5D 55> CD??=B59>975B ?>D4??95>
?6 C38??>=1;5> 5 85D5 CD??= ;1> 9> 45
5<5;DB9C385 ?>45B45<5> D5B538D;?=5> 5> ;?BDC<E9D9>7
F5B??BJ1;5>
-:? ;< 11: 1817@>5?/41 ?/4;7
52BE9; 755> @E>D975 ?6 C385B@5 F??BG5B@5> ?= 55>
<117 9:C ?6 B9:@ D5F5BG9:45B5>
95B4??B ;E>D E 45 ;?5<<5949>75> 25C3814975>
"?5<=9445< 41D >11B 2E9D5> C@E9D ;1> F<1= F1DD5> ?6
D?D ??7<5DC5< <5945>
55> @B?4E3D5> =5D 2B1>421B5 4B9:671CC5>
29:F
C@E9D2ECC5> 5> 755> 5H@<?C95F5 CD?665> 9> 85D
1@@1B11D ?@C<11>
1B--> B;;> 1D<8;?51
D
5 25g 5> ?>D<E38D9>7C?@5>9>75> F1> 85D 1@@1B11D
>??9D 1645;;5>
5D 1@@1B11D 9C 755> C@55<7?54 F??B ;9>45B5>
D
9: 55> 1@@1B11D =5D 45EBC<?D C<5ED5< 2E9D5> 85D
25B59; F1> ;9>45B5> 25G1B5>
83191:1 .1<-85:31:
5D 1@@1B11D 9C 75C389;D
D
F??B 85D 9>FB95J5> F1> <5F5>C=9445<5>
D
F??B 85D 25B5945> F1> 9:C
5D 1@@1B11D 9C 25CD5=4 F??B 8E9C8?E45<9:; 752BE9;
5D ;?5<39B3E9D 9C ?@ 4938D8594 753?>DB?<55B4
55> ?<95 ?6 F5D 752BE9;5> ?@ ;E>CDCD?6 ?>45B45<5>
5> 45EB4938D9>75>
05 ;E>>5> @?B5EC G?B45>
D
D
&= D5 ?>D4??95> ?6 C38??> D5 =1;5> CD5;;5B E9D 85D
CD?@3?>D13D DB5;;5> B5C@
45 J5;5B9>7 E9DC381;5<5>
?6 <?C4B1195>
<D9:4 11> 45 CD5;;5B DB5;;5> >??9D 11>
4511>C<E9D;125<
D
D
-5B@1;;9>7C=1D5B911< 5> ?>45B45<5> 5BF1> J9:> 755>
C@55<7?54 F??B ;9>45B5>
-5BCD9;;9>7C75F11B 4??B
?@F?EG21B5 ;1BD?>>5> 4?J5> 5> 6?<95
5D 1@@1B11D 9C ?>DCD??B4 F?<75>C ,gB938D<9:>
B1>;5> =5D 55> 8??7 1<3?8?<@5B35>D175 1<D9:4 7?54
1675C<?D5> 5> CD11>4 25G1B5>
D
D
'<9>D E9DDB5;21B5 =1>45> ?6 <145> 45EB5> 5D3
>95D
1<C ?@CD1@:5 752BE9;5> ?6 ?= ?@ D5 <5E>5>
D
D
5:01>1: 5: 41@ 4A5?4;A01:
9D 1@@1B11D =17 4??B @5BC?>5> =5D 25@5B;D5
<9381=5<9:;5 ?6 755CD5<9:;5 F5B=?75>C =?D?B9C385
CD?B9>75> ?6 752B5;;975 ;5>>9C 1<<55> ?>45B D?5J938D
?6>1 E9DF?5B975 9>CDBE3D95 752BE9;D G?B45>
<5CC5> 5> 2<9;:5C =5D F<?59CD?665> F??B1<
;??<JEEB8?E45>45 4B1>;5> >95D 9> 45
495@FB95CBE9=D5 ?@C<11>
5 6<5CC5> 5> 2<9;:5C
;E>>5>C@B9>75>
95@FB95CG1B5> >141D E J5 E9D 45 495@FB95CBE9=D5 852D
75811<4 >??9D ?>=9445<<9:; 9> 45 =?>4 >5=5>
-:? ;< B1>.>-:05:3
#1>74EB97 3?>D13D F1> 45 81>45> =5D
45495@FB95CG1B5> 9:C ?6 45 <5949>75> F1>
45F5B41=@5B 5>J
F5B=9:45>
-:? ;< B1>.>-:05:3
9D 1@@1B11D F?<4?5D 11> 45 F59<978594C25@1<9>75>
F??B5<5;DB9C385 1@@1B1D5> %
<<->--@ ;<?@1881:
<<->--@ --:?8A5@1:
5C389;D F??B 85D ?@CD5<<5> J9:> 4B?75 F5>D9<55B21B5
F5BDB5;;5>
5D 1@@1B11D <956CD >95D 49B53D 9> 45 J?> ?6
>11CD 55> 6?B>E9C F5BG1B=9>7CB1491D?B ?6 1>45B5
G1B=D52B?> @<11DC5>
C @<11DC9>7 >11CD 55> G1B=D52B?>
>95D D5 F5B=9:45> =11; 41> 752BE9; F1> 55> 9C?<5B5>45
@<11D ?6 >55= 45 F?<75>45 =9>9=E=16CD1>45> 9> 138D
%1 85D @<11DC5> F1> 85D 1@@1B11D =?5D E =9>9=11< 55>
EEB G138D5> F??B41D E 85D 1@@1B11D 9> 752BE9; >55=D
+9:45>C 85D DB1>C@?BD ;1> 85D 7525EB5> 41D 45 ?<95 F1>
453?=@B5CC?B 9> 85D ;?5<CICD55= D5B538D ;?=D
5C389;D F??B 85D ?@CD5<<5> J9:> 4B?75 F5>D9<55B21B5
F5BDB5;;5>
5D 1@@1B11D <956CD >95D 49B53D 9> 45 J?> ?6
>11CD 55> 6?B>E9C F5BG1B=9>7CB1491D?B ?6 1>45B5
G1B=D52B?> @<11DC5>
C @<11DC9>7 >11CD 55> G1B=D52B?>
>95D D5 F5B=9:45> =11; 41> 752BE9; F1> 55> 9C?<5B5>45
@<11D ?6 >55= 45 F?<75>45 =9>9=E=16CD1>45> 9> 138D
-??B41D E 85D 1@@1B11D F??B 85D 55BCD 9> 752BE9; >55=D
45 29>>5>;1>D F1> 85D 1@@1B11D C38??>=1;5>
J95*38??>=1;5>
5D CD?@3?>D13D =?5D 75=1;;5<9:; D5 25B59;5> J9:>
5D1@@1B11D E9DC<E9D5>4 F91 55> F?<75>C 45 F??BC38B96D5>
11>752B138D B1>47511B4 CD?@3?>D13D ?@ h-
J G9CC5<g CDB??= 11>C<E9D5>
5D CD?@3?>D13D =?5D
=5D 55> J5;5B9>7 F1> D?D 25F59<974 J9:>
9: 1@@1B1D5> 495 9> >95D EB?@5C5 <1>45> G?B45>
752BE9;D ?@ 85D DI@5@<11D:5 3?>DB?<5B5> ?6 45 11>C<E9Dg
C@1>>9>7 5> 45 CDB??=C??BD ?F5B55>;?=5> =5D 45
G11B45> F1> EG 5<5;DB939D59DC>5D
5D DI@5@<11D:5 25F9>4D
J938 <9>;C ?>45B11> 9> 45 ;?5<BE9=D5
5> 5F5>DE55<
>??4J1;5<9:;5 F5BF1>79>7 F1> 45 11>C<E9D;125< =17
1<<55> 4??B 55> F1;;E>497 =?>D5EB G?B45> E9D75F?5B4
!
+-->?/4AC5:3
5D 1@@1B11D =17 >??9D G?B45> 11>75C<?D5> ?@
5<5;DB?>9C385 5>5B79525C@1B5>45 CD5;;5BC ?6 ?@
?=F?B=5BC 495 75<9:;CDB??= ?=J5DD5> 9> G9CC5<CDB??= 29:F
9>CD1<<1D95C F??B J?>>5\>5B795
?6>5DG5B;5> F??B C385@5>
1::5?9-75:3 91@ 41@ -<<->--@
5J5 752BE9;C11>G9:J9>7 9C ?@ =55B 41> ZZ> DI@5 F1>
D?5@1CC9>7
"<59>5 16G9:;9>75> 9> 45 16255<49>75> J9:> =?75<9:;
g 5495>9>7C@1>55<
??64C381;5<11B
%?6B?CDgCICD55=
-5B<938D9>7 #
"<5@ F1> 85D FB95CF1;
<1C@<11D
95@FB95C<145 ;<59>
95@FB95C<145 7B??D
5g 5> ?>D<E38D9>7C?@5>9>7
1051:5:3?<-:118
8->9@;1@?
&= 85D 1<1B=C97>11< E9D D5 C381;5<5>
095 8??64CDE; i<1B=C97>1<
(;1@? Z'A<1> 51<B>51?>A59@1
&= 85D CE@5BFB95CCICD55= 9> 5> E9D D5 C381;5<5>
:?@18@;1@? @19<1>-@AA> 5: 01 051<B>51?>A59@1
$5D 45 D?5DC G?B4D 45 D5=@5B1DEEB F1> 45
495@FB95CBE9=D5 9>75CD5<4
(19<1>-@AA>5:05/-@51 51<B>51?>A59@1
5 39:65BC ;?=5> ?F5B55> =5D 45 9>75CD5<45
D5=@5B1DEB5> 9> 45 495@FB95CBE9=D5 9> M.
1@ ;< 01 ;931B5:3?@19<1>-@AA>
1:01.18A/4@5:3
:?/4-7181: B-: 41@ -<<->--@
5D 1@@1B11D =5D 8??64C381;5<11B 9>C381;5<5>
5D 1@@1B11D 9C F??B 55> 25@11<45 ;<9=11D;<1CC5
753?>CDBE55B4
681>;5<9:; F1> 45 ;<9=11D;<1CC5 ;1> 85D
1@@1B11D 29:45 F?<75>45 ?=75F9>7CD5=@5B1DEB5>
752BE9;D G?B45>
, F9>4D 45 ;<9=11D;<1CC5 ?@ 85D DI@5g @<11D:5 <9>;C
?>45B11> 9> 45 ;?5<BE9=D5
7859--@78-??1
'"
M D?D M
"
M D?D M
'(
M D?D M
(
M D?D M
5> 1<1B=C97>11< 9C D5 8?B5> 45 1<1B=D?5DC
5>45D5=@5B1DEEB9>4931D95 ;>9@@5B5>
??B 45 1<1B=D?5DC 9> D5 4BE;;5> G?B4D 85D
1<1B=C97>11< E9D75C381;5<4
5 1<1B=D?5DC 2B1>4D 5> 45 D5=@5B1DEEB9>4931D95 ;>9@@5BD
D?D 9> 85D 1@@1B11D 45 9>75CD5<45 D5=@5B1DEEB 9C25B59;D
-:C56F5:31: .56 41@ 31.>A57
D
D
18A/4@5:3
5 F5BG1B=45 <E38D =?5D ?>7589>45B4 1675F?5B4
;E>>5> G?B45>
>45BC =?5D 45 ;?5<=1389>5 =55B
@B5CD5B5> G11B4??B 85D 5>5B795F5B2BE9; D?5>55=D
11B?= 25g 5> ?>D<E38D9>7C?@5>9>7 >??9D 1645;;5>
?6F5BC@5BB5>
D
D
<C 9> 45 495@FB95CBE9=D5 45 254B9:6CD5=@5B1DEEB
9C25B59;D 41> 2B1>4D 85D D5=@5B1DEEB9>4931D95
F??BD4EB5>4
5 F??BJ9:45 F1> 85D 1@@1B11D 138D5B 45 45EB G?B4D
75455<D5<9:; <938D F5BG1B=4 G11B4??B 45 F?B=9>7 F1>
3?>45>CG1D5B 9> 45 2EEBD F1> 45 45EB164938D9>7
G?B4D F??B;?=5>
<C 45 45EB F1> 45 495@FB95CBE9=D5 >1 85D C<E9D5> >95D
=5D55> G55B 75?@5>4 ;1> G?B45> DG55 D?D 4B95
=9>ED5> G138D5> D?D 45 ?>DCD1>5 ?>45B4BE; 9C
?@7585F5>
??B 85D F?<<5497 1ED?=1D9C385 %?6B?CD CICD55= 2<9:6D
45 FB95CBE9=D5 9:CFB9:
&>D4??95> 9C ?F5B2?497
:?@1881: B-: 01 @19<1>-@AA>
51<B>51?>A59@1
F1> M D?D M
+5=@5B1DEEB9>CD5<D?5DC >5D J? F11; 9>4BE;;5> D?D
4575G5>CD5 D5=@5B1DEEB 9> 45 495@FB95CBE9=D5 9C
9>75CD5<4
5 <11DCD 9>75CD5<45 G11B45 G?B4D 9> 85D
7585E75> ?@75C<175>
5 9>75CD5<45 D5=@5B1DEEB G?B4D ?@ 9>4931D95
11>7575F5>
.9: 14F9C5B5> 9> 45 495@FB95CBE9=D5 55> 9>CD5<<9>7
F1>M
8->9?53:--8
8->9?53:--8 A5@ @1 ?/4-7181:
#:@0;;5C-->?/4AC5:3
??B 9>4BE;;5> F1> 45 1<1B=D?5DC G?B4D 85D
1<1B=C97>11< E9D75C381;5<4 5> 45 9>4931D95 ?@>95EG
9>@1B11D8594 752B138D
<C C=11; 75EB 5> E9D5B<9:; ?>F5B1>45B4 J9:> 41> ;E>>5>
45 <5F5>C=9445<5> >1 ;?;5> ?6 2B145> ?@>95EG G?B45>
9>75FB?B5>
1A>-8->9?53:--8
5 =1H9=1<5 25G11BD9:4 >95D =55B D5> F?<<5 25>EDD5>
5D 45EB 1<1B=C97>11< G?B4D 1ED?=1D9C38 9>75C381;5<4
1<C 45 45EB F1> 85D 1@@1B11D <1>75B 41> 55> =9>EED
?@5>CD11D
B 9C @5B=1>5>D 55> 1<1B=C97>11< D5 8?B5>
(19<1>-@AA>-8->9?53:--8
5D D5=@5B1DEEB1<1B=C97>11< G?B4D 9>75C381;5<4 1<C 85D
9> 45 495@FB95CBE9=D5 D5 G1B= 9C
B 9C 55> @95@D??> D5
8?B5>
(19<1>-@AA>C-->?/4AC5:3
0?>45B 75F11B F??B 45 495@FB95CG1B5> ;1> 85D
1<1B=C97>11< G?B45> 9>75C381;5<4
D
9: 85D 9> 752BE9; >5=5> F1> 85D 1@@1B11D
D
9: 85D 9><145> F1> 7B?D5 8?5F55<8545> F5BC5
<5F5>C=9445<5>
D
<C 45 45EB F1> 45 495@FB95CBE9=D5 D5 <1>7 75?@5>4
G5B4
(19<1>-Y
*1>78->5:3
(;1@?
Z-8->9 @AA>5:05/-@51
2B1>4D
;>9@@5BD
(19<1>-@AA>C-->?/4AC5:3
5 495@FB95CG1B5> <?@5> 755>
75F11B
;>9@@5BD ;>9@@5BD
#:@0;;5C-->?/4AC5:3
"A@@531 5:4;A0
5 7575F5>C 29: 45 >EDD975 9>8?E4 F9>4D E ?@ 85D
DI@5@<11D:5 9> EG 1@@1B11D
5 495@FB95CG1B5> 8;<1:
75F11B
;>9@@5BD 2B1>4D
#:@0;;5C-->?/4AC5:3
> 85D F5B<545> C-? 85D D5
G1B=
5 495@FB95CG1B5> <?@5>
75F11B
:B>51F1: 1: ;<?8--:
:7;<1: B-: 051<B>51?<>;0A/@1:
D
&= 45 495@FB95C<145 =5D E9DDB5;21B5 B19<C 5B9>
D5J5DD5> =?5D5> 45 B19<C J9:> E9D75DB?;;5>
D
95@FB95C;<5@ ?@5>5> 55> F1> 45 C381B>95B@5>>5>
F1CD8?E45> 5> 45 ;<5@ 5B16 DB5;;5>
5 F5B@1;;9>7 =17 >95D 25C3814974 J9:>
%55= 45 8?E4211B8594C41DE= 9> 138D
> 45 G9>;5< =?5D 45 D5=@5B1DEEB 9> 45 495@FB95C;9CD
° ?6 <175B J9:>
5 495@FB95C@B?4E3D5> <956CD 9> 55> ;?5<D1C DB1>C@?BD5B5>
5> C>5< 9> 45 495@FB95CBE9=D5 <5775>
51<B>51?C->1: ;<?8--:
5<1>7B9:; F??B 55> ?@D9=1<5 <E38D39B3E<1D95 9> 45
495@FB95CBE9=D5 45 495@FB95C<145> D?D 45 11>C<17
5B9>C38E9F5>
B?D5B5 8?5F55<8545> <5F5>C=9445<5> 29: F??B;5EB 9> 45
2?F5>CD5 F1;;5> 9>FB95J5>
11B G?B45> J5 855< C>5< 5>
411B4??B F??BJ938D97 9>75FB?B5>
5 F5>D9<1D95C<5E6 11> 45 138D5BG1>4 >95D =5D
495@FB95CG1B5> 1645;;5>
<C 5B F55< <5F5>C=9445<5> =?5D5> G?B45> ?@75C<175>
41> ;E>>5> 1<<5 <145> 5> 45 FB95CF1;;<5@ E9D 85D 1@@1B11D
G?B45> 75811<4 5> 45 <5F5>C=9445<5> 49B53D ?@ 45
FB95CB??CD5BC 5> ?@ 45 2?45= F1> 45 495@FB95CBE9=D5
G?B45> 75CD1@5<4
D
5 495@FB95C<145> D?D 45 11>C<17 E9DDB5;;5> 11>
45F??B;1>D 95DC ?@D9<<5> 5> 5BE9D 81<5>
1B1:?9500181: 5:B>51F1:
*1>?1 81B1:?9500181: 5:B>51F1:
1B1:?9500181: F182 5:B>51F1:
52BE9; E9DC<E9D5>4 F5BC5 <5F5>C=9445<5>
<C E J5<6 <5F5>C=9445<5> G9<D 9>FB95J5>
752BE9;41>1<<55> F5BC5 <5F5>C=9445<5>
< 9>75FB?B5> <5F5>C=9445<5> =?75> >95D =5D 45 >?7
9>D5 FB95J5> <5F5>C=9445<5> 9> 11>B1;9>7 ;?=5>
1?/457@ ;9 5: @1 B>51F1:
5 <5F5>C=9445<5> <E38D4938D F5B@1;;5> J?41D J5 >95D
E9D4B?75> ?6 8E> C=11; F5B<95J5>
F<55C 5> G?BCD 75F?75<D5 5> G9<4 F9C 7B?5>D5 ;BE945>
6BE9D 2B??4 5> 7521; @9JJ1 ;<11B75=11;D5 75B538D5>
;<95;:5C 595B4??95BC 5> 59G9D
!-D59-81 5:B>51?/-<-/5@15@
"51@ 31?/457@ ;9 5: @1 B>51F1:
595B5> =5D C3811< JEB5 B??= 5> =1I?>19C5 ;B?@C<1
B149:C:5C B1==5>1C 5> B5DD938 E95>
8-:/41>1: B-: 3>;1:@1 1: 2>A5@
7B?5>D5 5> 6BE9D =?5D5> FaaB 85D 9>FB95J5> 752<1>3855B4
G?B45> ?= D5 F??B;?=5> 41D ;<5EB C=11; 1B?=1 5>
F9D1=9>5 i F5B<?B5> 711>
9: 85D 2<1>385B5> G?B4D 45 7B?5>D5 ?6 85D 6BE9D ;?BD
9>;?;5>4 G1D5B 754?=@5<4
> 45 2?5;81>45< J9:> 2?5;5> ?F5B 9>FB95J5> F5B;B9:7211B
G11B9> ??; 2<1>385B5> G?B4D 25C38B5F5>
575F5>C ?F5B 45 =1H9=1<5 9>FB95C31@139D59D 29>>5>
EEB F9>4D E ?@ 85D DI@5@<11D:5
,; B1><-7@ A ;< 01 6A5?@1 9-:51>
#5F5>C=9445<5> 9> 45 F5B@1;;9>7 <5775>
#E38D 5BE9D 4BE;;5>
5D 75855< F1> 55> 7?545 C<E9D9>7 F??BJ95>
-5B=5<4 ?@ 45 @1;:5C 9>8?E4 5> 9>FB95C41DE=
*;;> B1><-775:3 31?/457@
"E>CDCD?6g @?<I5D855>g 5> 1<E=9>9E=6?<95
495@FB95C4?J5>
5J5 @B?4E3D5> J9:> 9> 45 81>45<
F5B;B9:7211B
"51@ 31?/457@ B;;> B1><-775:3
'1;@1@95B F5DFB9: @1@95B 35<<?611> FE9<>9CJ1;;5> 5>
752BE9;D5 2??4C381@@5>D1C:5C
8? ?8A5@5:3 31?/457@
<1CD95;:5C 3<9@C F1> ;E>CDCD?6 D?EGD:5C ;?E4525CD5>497
@<1;21>4 5
4
01;:5C 5> 6?<95 F1> @?<I5D855> ;E>>5> =5D
55> 6?<95g<1C1@@1B11D G?B45> 4938D75<1CD
;A0.-->4150 B-: 01 051<B>51?C->1:
5J5 81>7D 16 F1> 85D C??BD <5F5>C=9445<5>
9: 55> D5=@5B1DEEB9>CD5<<9>7 F1> M
D
-9C G?BCD ;<11B75=11;D5 75B538D5> 2B??4
5>21>;5D
+?D =11>45>
D
"11C 75F?75<D5 F<55C
+?D =11>45>
D
B?5>D5 6BE9D
+?D =11>45>
'A<1>B>51F1:
)5@B;1>5:3 B-: 01 051<B>51?>A59@1
5 <5F5>C=945<5> J? C>5< =?75<9:; 4??B 5> 4??B 9>FB95J5>
J?41D F9D1=9>5 F?549>7CG11B45> E9D5B<9:; 5> C=11;
258?E45> 2<9:F5>
>95D 29: 1<<5 =?45<<5>
;A01Y-//A
&= D5 F??B;?=5> 41D 29: 85D 9><145> F1> F5BC5
<5F5>C=9445<5> 45 D5=@5B1DEEB ?>75G5>CD CD9:7D
55>@11B EEB FaaB 85D 9><145> F1> F5BC5
<5F5>C=9445<5>85D CE@5BFB95CCICD55= 9>C381;5<5>
:Y 1: A5@?/4-7181:
+?5DC iCE@5B 9>4BE;;5>
C CE@5B FB95J5> 9>75C381;5<4 41> <938D 45 D?5DC ?@
5D CE@5BFB95CCICD55= G?B4D >1 O4175> 1ED?=1D9C38
E9D75C381;5<4
@@1:@51
<C 85D CE@5BFB95CCICD55= 9C 9>75C381;5<4 ;E>>5>
45254B9:6C75<E945> D?5>5=5>
5 ;?E45g133E F5BDB117D 29: 85D E9DF1<<5> F1> 45 CDB??=
?6 29: 55> CD?B9>7 85D F5BG1B=5> F1> 45 ?@75C<175>
495@FB95CG1B5>
5 ;?E45g133E ;1> ??; F??B 85D D9:45<9:;
;?5<8?E45> F1> <5F5>C=9445<5> 29:F
9> 55> ;?5<D1C 5BE9D
75>?=5> G?B45>
?.-761
5D 9:C21;:5 F??B P =5D G1D5B FE<<5> 5> 9> 45
495@FB95CBE9=D5 J5DD5>
5D F1CD75FB?B5> 9:C21;:5 1<<55> =5D 55> 2?D F??BG5B@
<?C=1;5> CD55< F1> 55> <5@5<
&= 45 9:C2<?;:5C <?C D5 =1;5> 85D 9:C21;:5 95DC F5B2E975>
?6 ;?BD ?>45B CDB?=5>4 G1D5B 8?E45>
#:@0;;51: B-: 051<B>51?C->1:
'/4;;:9-71: B-: 41@ -<<->--@
681>;5<9:; F1> C??BD 5> 25B5949>7CG9:J5 F1>
45<5F5>C=9445<5> ;E>D E ;95J5> E9D 45 F?<75>45
=?75<9:;8545>
@@1:@51
D
52BE9; 755> C38??>=11;g ?6 ?@<?C=9445<5> 495 J1>4
38<?B945 ?6 JEB5> 25F1DD5>
29: ?=75F9>7CD5=@5B1DEEB
D
9> 45 ;?5<;1CD
D
9> 45 5<5;DB9C385 ?F5> =5DJ?>45B 85D5<E38DF5>D9<1D?B
D
9> 45 =17>5DB?>
55> C38EEBC@?>C:5C 752BE9;5>
&@ 45 =5D1<5>
?@@5BF<1;;5> 9> 85D 1@@1B11D ;1> 3?BB?C95 ?>DCD11>
5 <57@<1D51EC 5> F??BB114F1;;5> =?75> >95D 9> 45
16G1C=1389>5 75B59>974 G?B45>
05 ;E>>5> F5BF?B=5>
8-?<8-@1-A? 1>A5@ 4-81:
@@1:@51
1<6 ?6 75855< ?>D4??945 495@FB95CG1B5> >95D ?@>95EG
9>FB95J5>
'1C >1 85D ;?;5> ?6 2B145> D?D 55>
;1>Dg5>g;<11B75B538D ;E>>5> J5 ?@>95EG G?B45>
9>75FB?B5>
5 =1H9=1<5 25G11BD9:4 G?B4D 895B4??B 25;?BD
)5@?/4-7181: B-: 41@ -<<->--@
??64C381;5<11B 9>4BE;;5>
"?5<=1389>5 5> 29>>5>F5B<938D9>7 G?B45> E9D75C381;5<4
A5@1: C1>75:3 ?@1881: B-: 41@ -<<->--@
D
-aaB 85D C38??>=1;5> 85D 1@@1B11D E9DC381;5<5>
D
*D5;;5B E9D 85D CD?@3?>D13D DB5;;5> ?6 45 J5;5B9>7
<?C4B1195> B5C@
E9DC381;5<5>
<C E 85D 1@@1B11D <1>75B5 D9:4 >95D 752BE9;D
,9DC381;5<5> F1> 85D 1@@1B11D
D
*D5;;5B E9D 85D CD?@3?>D13D DB5;;5> ?6 45 J5;5B9>7
<?C4B1195> B5C@
E9DC381;5<5>
D
@@1B11D C38??>=1;5>
5EB F1> 85D 1@@1B11D ?@5> <1D5> CD11>
5 495@FB95CG1B5> 5BE9D 81<5> 5> ?@ 55> ;?5<5 @<11DC
25G1B5>
"?E45g133E 9>495> 11>G5J97 ?@ 45
<5F5>=9445<5> <5775>
5D 1@@1B11D C38??>=1;5> =5D 55> J138D5 4?5;
5><1EG G1D5B =5D 55> C385ED:5 'g>5EDB11<
C38??>=11;=9445<
5D C?@ =17 >95D 9> 45
F5B<938D9>7 D5B538D;?=5>
D
5EB164938D9>7 1<<55> =5D C38??> G1D5B
C38??>=1;5> 5> 7B?>497 4B??7GB9:F5>
D
%1 85D C38??>=1;5> 1@@1B11D G55B 11>C<E9D5>
5>9>C381;5<5>
#:@0;;51:
51<B>51?>A59@1
??B 85D F?<<5497 1ED?=1D9C385 %?6B?CDgCICD55= 2<9:6D
45FB95CBE9=D5 9:CFB9:
&>D4??95> 9C ?F5B2?497
*1>85/4@5:3 10>562?318A501:
5D 1@@1B11D 9C F??BJ95> F1> 55> ?>45B8?E4CFB9:5 #
F5B<938D9>7
118 :;>9-81 318A501:
1.>;9 45 ;?5<=1389>5 <??@D
*;;>F5/4@53 YB1>85/4@5:3
#1C5BCDB1<9>7 F1> 45 ;<1CC5 $ >?B= %95D=5D ?@D9C385 9>CDBE=5>D5> 49B53D 9> 45 CDB1<9>7
;9:;5>
5F11B F??B ??7<5DC5<
)5@1B1D95C 11> 45J5 F5B<938D9>7 =?75> 1<<55> 4??B 45
*5BF935495>CD ?6 55> 5B;5>4 F1;=1> G?B45> E9D75F?5B4
1.;>>18 31.>A5? ?6 3178;7 85D ;?5<=9445< CDB??=D
4??B 45 <5949>75>
17857 45 =?D?B G?B4D 9>g ?6 E9D75C381;5<4
*;;>7;91: B-: 318A501:
1@ -<<->--@ ?@--@ :51@ C-@1><-?
:1>351 .1?<->1:
D
D
D
D
D
5D 1@@1B11D 9> 55> 4B?75 7?54 D5 F5>D9<5B5> BE9=D5
@<11DC5> %95D 49B53D 9> 45 J?> ?6 9> 45 2EEBD F1> 55>
G1B=D52B?> F5BG1B=9>7CB1491D?B 6?B>E9C
52BE9;
5F5>DE55< 55> 9C?<1D95@<11D
5EB5> F1> 85D 1@@1B11D J? ;?BD =?75<9:; ?@5>5>
5 25g 5> ?>D<E38D9>7C?@5>9>7 9> 45 @<9>D =?5D
165>D?5 =5D 55> CD?6JE975B ?6 2?BCD5< G?B45>
C38??>75=11;D ?= =55B CDB??=F5B2BE9;
D5F??B;?=5>
.1B=5 75B538D5> @1C >1 85D 16;?5<5> 9> 45
495@FB95CBE9=D5 <5775>
5 495@FB95CG1B5> ?= D5 ?>D4??95> 9> 45 ;?5<;1CD
<5775>
95B4??B 25>ED E 45 ;?E45 F1> 45
495@FB95CG1B5> F??B 85D ;?5<5> F1> 45
<5F5>C=9445<5>
5 9>2?EG>9C =5D 258E<@ F1> 55> G1D5B@1C CD5<<5>
52BE9; 895BF??B 45 C38B?56F?5D:5C F1> 45 >9C ?6 <57
5B95DC ?>45B
-01: 9-:01: ;2 813>;;?@1>?Y<8-@1-A? C51.181:
;2781991:
?>DB?<55B 45 45<5> 495 5BE9D 75811<4 ;E>>5> G?B45>
5>J5D J5 5F5>DE55< ?@>95EG 9> 85D 1@@1B11D
81??1: ;2 ?1>B51?3;10 >-71: 187-->
5 6<5CC5> ?6 85D C5BF95C7?54 <?C F1> 5<;11B J5DD5>
815:1 ?@;>5:31: F182 B1>418<1:
*;;>0-@ A 01 78-:@1:?1>B5/1 .18@
?>DB?<55B ?6 E 45 CD?B9>7 J5<6 ;E>D F5B85<@5> =5D 258E<@ F1> 45 ?>45BCD11>45 11>G9:J9>75>
5 ;?CD5> F1> 14F95J5> 4??B 45 ;<1>D5>C5BF935 J9:> F??B EG B5;5>9>7 h ??; D9:45>C 45 71B1>D95@5B9?45
'@;>5:3
B1:@A181 ;;>F--7
1 @19<1>-@AA> C567@
1>3 -2 B-: 01 5:?@1885:3
#<8;??5:3
> C?==975 75F1<<5> 9C 85D F?<4?5>45 ?= 85D
1@@1B11D 754EB5>45 =9>ED5> E9D D5 C381;5<5>
<C 45 D5=@5B1DEEB D5 C->9 9C >1 5>;5<5 EB5>
3?>DB?<5B5> ?6 45 D5=@5B1DEEB 45
D5=@5B1DEEB9>CD5<<9>7 75>145B4 9C
<C 45 D5=@5B1DEEB D5 7;A0 9C 45 F?<75>45 417 45
D5=@5B1DEEB >?7=11<C 3?>DB?<5B5>
11: 1:7181 5:05/-@51
.>-:0@
*DB??=E9DF1< 45 J5;5B9>7 9C
E9D75C381;5<4 45 CD5;;5B J9D
>95D7?54 9> 85D CD?@3?>D13D
?>DB?<55B ?6 5B CDB??= 9C
5 J5;5B9>7 =?5D J9:>
9>75C381;5<4
?>DB?<55B ?6 5B CDB??= 9C
?>DB?<55B 45 J5;5B9>75>
1 7;189-/45:1 C;>0@
?@110? B-71> 1: 8-:31>
5:31?/4-7180
5 25g 5> ?>D<E38D9>7C?@5>9>7
9C167545;D
645;;9>75> F5BG9:45B5>
1@ -<<->--@ 7;18@ :51@
11: 1:7181 5:05/-@51
.>-:0@
*DB??=E9DF1<
??64C381;5<11B 9>4BE;;5>
095 8??64CDE;
i"5>>9C=1;9>7 =5D 85D 1@@1B11D
D
5 J5;5B9>7 9C 4??B75C<175>
D
5 CD5;;5B J9D >95D 7?54 9> 85D
CD?@3?>D13D
1@ -<<->--@ 7;18@ :51@
@19<1>-@AA>5:05/-@51Y
8-9<61? 1:
.5::1:B1>85/4@5:3
.>-:01:
5D @B5C5>D1D95<938D 9C
9>75C381;5<4
1 .5::1:B1>85/4@5:3
2A:/@5;:11>@ :51@
5 # F5B<938D9>7 9C ;1@?D
095 8??64CDE; i-5B<938D9>7 #
5 45EB CD?>4 D5 <1>7 ?@5>
5 F5B<938D9>7 G?B4D >1
31
=9>ED5> E9D75C381;5<4
%1 85D C<E9D5> 5> ?@5>5> F1> 45 45EB 2B1>4D
45F5B<938D9>7 G55B
5 45EB F1> 85D 1@@1B11D G5B4 D5
F11; 75?@5>4
5EB >95D ?>>?497 ?@5>5>
1 @19<1>-@AA>Y
5:05/-@51Y8-9<61?
7:5<<1>1:
<1B=gD?5DC 754EB5>45 C53?>45> 9>754BE;D
8?E45> D?D 55> 25F5CD979>7CC97>11< D5 8?B5> 9C
0958??64CDE; i5495>9>7C@1>55<
%1 55> D9:4:5 3?>DB?<5B5> ?6 85D 1@@1B11D ;?5<D
-aaB 85D 9><145> 85D CE@5BFB95CCICD55= 9>C381;5<5>
B G5B45> F55< <5F5>C=9445<5>
9>75<145>
1: -8->9?53:--8
5?@14;>1: 41@
@19<1>-@AA>5:05/-@51Y
8-9<61 7:5<<1>@
*D?B9>7 9> 45 495@FB95CBE9=D5 9C
85D D5 G1B=
1B--> B;;> 01 051<B>51?C->1:
095 8??64CDE; i<1B=C97>11<
'1>B5/1051:?@
4B5C 5> D5<56??>>E==5B F1> 45 *5BF935495>CD 9> EG
?=75F9>7 ;E>D E F9>45> 9> 85D D5<56??>2?5; ?6 9> 45
=5575<5F5B45 2B?38EB5 =5D C5BF935g14B5CC5>
556
1
E
2
11> 45 *5BF935495>CD 85D g>E==5B g%B
5> 85D
g>E==5B g%B
F1> 85D 1@@1B11D ?@
E - Nr
FD - Nr
, F9>4D 45J5 7575F5>C ?@ 85D DI@5@<11D:5
??B 45J5 >E==5BC 11> 45 *5BF935495>CD 4??B D5 75F5>
F??B;?=D E ?>>?497 855> 5> G55B B9:45> F1> 45 =?>D5EB
5> 45 895B11> F5B2?>45> ;?CD5>
> 45 895B11>
F5B2?>45> ;?CD5>
*9000452264*
-331:-A -A?31>M@1 9.
1B<g.5BIg*DB1T5 g $f>385>
GGG
71775>1E
3?=
455>6B9D><
Scarica

RF 2.7 - Hausdorf